. Earth Science News .

Hong Kong's CKI soars after British water deal
by Staff Writers
Hong Kong (AFP) Aug 3, 2011

Shares in a firm controlled by Hong Kong's richest man Li Ka-shing hit a record high Wednesday, a day after it announced a $3.9 billion deal to buy one of Britain's biggest water utilities.

Cheung Kong Infrastructure Holdings (CKI) surged to HK$47.45 ($6.09), up 2.82 percent from its Tuesday close. The price is its highest since listing in 1996, a CKI spokeswoman confirmed.

The firm surged to HK$47.25 shortly after it announced the acquisition of Northumbrian Water on Tuesday, the latest move by the Hong Kong tycoon into Britain's utility sector.

The deal, which is subject to the approval of Northumbrian shareholders and expected to close in October, will see CKI pay 465 pence a share for the British firm.

Northumbrian supplies northeastern England and has about 2.6 million customers. It is among 10 regulated water and sewage businesses in England and Wales.

CKI is a division of Cheung Kong Holdings, the flagship company of Li, who is nicknamed "Superman" for his long-running business success.

The firm has invested heavily abroad as it seeks to broaden his earnings base owing to difficulties expanding in Hong Kong.

In November CKI joined Hongkong Electric Holdings in a consortium to buy the British power distribution network of French electricity giant EDF for $9.28 billion, Li's fifth purchase in Britain.

That acquisition was the largest deal by a Hong Kong entity in the country.

The 83-year-old Li was ranked in March as the 11th wealthiest person in the world by the Forbes rich list, with a net worth estimated at $26 billion.

Related Links
Water News - Science, Technology and Politics

Get Our Free Newsletters Via Email
Buy Advertising Editorial Enquiries

. Comment on this article via your Facebook, Yahoo, AOL, Hotmail login.

Share this article via these popular social media networks
del.icio.usdel.icio.us DiggDigg RedditReddit GoogleGoogle

Hong Kong tycoon to buy British water utility
Hong Kong (AFP) Aug 2, 2011
Hong Kong billionaire Li Ka-shing on Tuesday announced his firm would buy one of Britain's biggest water utilities in a deal worth nearly $4 billion. The move is the latest by the Hong Kong tycoon into Britain's utility sector after he bought the British power distribution network of French electricity giant EDF in November. That deal was the largest deal by a Hong Kong entity in the cou ... read more

Japan to sack top nuclear energy officials

Japan moves closer to nuclear payout

Minor accident in Indian nuclear plant: report

Record high radiation at crippled Japan nuke plant

Time Inc. to put full magazine portfolio on tablets

Apple, Samsung legal tussle lands in Australia

OSU pigment discovery expanding to new colors - including orange

Reinventing Space

Hong Kong's CKI soars after British water deal

Human activities said threat to sea lions

China to explore Indian Ocean seabed: report

Hong Kong tycoon to buy British water utility

Arctic ice cap near 2007 record minimum: Russia

Russia may lose 30% of permafrost by 2050: official

Canada goes ahead with Arctic patrol ships

Fast-Shrinking Greenland Glacier Experienced Rapid Growth During Cooler Times

China arrests 2,000 in food safety crackdown

China allows cooking oil prices to rise

African governors discuss food prices

Plant immunity discovery boosts chances of disease-resistant crops

Huge tropical storm whips Haiti

S. Korea offers N. Korea flood aid

Haitian tent cities brace for huge tropical storm

Tropical Storm Emily barrels towards fragile Haiti

DR Congo colonel arrested for mineral trafficking: army

S. Sudan splinter rebel faction disowns peace deal

South Sudan rebels declare ceasefire: spokesman

Narrative therapy helps child soldiers: study

Forest or grassland: where did humans learn to walk?

Put the brakes on using your brain power

Strength in numbers

Ancient footprints show human like walking began nearly 4 million years ago

Memory Foam Mattress Review
Newsletters :: SpaceDaily Express :: SpaceWar Express :: TerraDaily Express :: Energy Daily
XML Feeds :: Space News :: Earth News :: War News :: Solar Energy News

The content herein, unless otherwise known to be public domain, are Copyright 1995-2011 - Space Media Network. AFP and UPI Wire Stories are copyright Agence France-Presse and United Press International. ESA Portal Reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. Advertising does not imply endorsement,agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. Privacy Statement