J-Power to sell stake in Taiwan Chiahui Power to Asia Cement
TAIPEI, NNA - Japan's Electric Power Development Co., known as J-Power, will sell its entire stake in Taiwan Chiahui Power Corp. to Asia Cement Corp. for NT$ 5.37 billion ($183 million).
J-Power announced Monday it has decided to sell its shares in Chiahui Power to the major Taiwanese cement firm after "profound consideration of J-Power's financial efficiency and future business development."
J-Power's planned share sales are subject to Taiwan authorities' approval. Asia Cement, by purchasing a 39.97 percent share from the Tokyo-based company, will raise its stake in Chiahui Power to 99.7 percent.
J-Power initially acquired Chiahui Power shares from Asia Cement in 2002 and eventually invested a total of about 8 billion yen ($75 million) in the power firm, making it its largest overseas investment project. (NNA/Kyodo)