Financial Wire

Shanghai Electric Power Plans Financial Services Deal with SPIC Hong Kong Treasury Management

-- Shanghai Electric Power (SHA:600021) said its Hong Kong subsidiary plans to sign a three-year financial services agreement with related party SPIC Hong Kong Treasury Management.

The deal, subject to shareholder approval, includes up to 60 billion yuan in loans, $500 million in daily deposits and 20 million yuan for other services.

SPIC Hong Kong Treasury Management is a wholly-owned unit of the company's controlling shareholder, State Power Investment.

Shares of the power company declined 1% in recent trade.

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