China Resources Power targets M&A

China Resources Power Holdings will dip into its US$513.8 million war chest to acquire power assets this year, the South China Morning Post reported, citing the firm’s chief executive. Wang Shuaiting said the current tough operating environment presented opportunities to buy poorly managed power producers. Wang declined to say whether the company would bid for the remaining two power firms to be sold by the Singapore government. The first, Tuas Power, was sold to the China Huaneng Group. China Resources Power posted a 32.6% jump in net profits last year to US$413.6 million, making it the fastest-growing Hong Kong-listed mainland power producer in terms of earnings.