Fitic sells Huaneng Power stake

Hong Kong-listed Min Xin Holdings, a division of bankrupt Fujian International Trust and Investment (Fitic), has agreed to pay US$43.4 million to buy almost one-fifth of Fitic's holding in Huaneng Power International, China's largest independent power producer. The deal to buy the 108 million unlisted H shares is part of the sale of Fitic's assets after it was forced into liquidation in 2001 for failing to repay debts. Fitic was the third largest shareholder of Huaneng with a 5.56% stake. No details were released about what would happen to the remainder of the stake.