SGCC Signed the Equity Acquisition Agreement with REN

SGCC President Liu Zhenya signed the Equity Acquisition Agreement with Parpublica and the Umbrella Agreement with REN at the signing ceremony held in Lisbon, Portugal in the morning of February 22 local time, which was chaired by Portuguese Finance Minister Vitor Gaspar.

When delivering a speech at the ceremony, Liu Zhenya mentioned that ZEN's privatization was transparent and open and China's SGCC has obtained the trust and support from the Portuguese government in the bidding process. Ranking the 7th on Fortune Global 500 in 2011, SGCC now operates and manages the transmission and distribution power grid with the highest voltage level and the largest scale and serving the largest number of population. The company is dedicated to technical innovation in power and electricity, especially in UHV, smart grid and big grid operation and control, which possess a leading position in the world. As an important utility enterprise in Portugal, REN has a perfect transmission network for electricity and natural gas. It is quite influential in Portugal, Africa and South-American Portuguese-speaking countries with good performance. SGCC and REN can compliment each other. The strategic acquisition will bring a new historic opportunity to REN for innovative and sustainable development. Adhering to the transparent and open principle, SGCC vows to strengthen the communication and cooperation with shareholders, take into consideration the demands from stakeholders, abide by the laws and regulations of the Portuguese government, fulfill every commitment, fully respect REN's corporate culture, promote REN's sustainable and healthy development with endeavor from all parties, provide safe and reliable energy to Portugal, and make positive contributions to the economic and social development for China and Portugal.

During his stay in Portugal, Liu Zhenya met with Portuguese PM Pedro Passos Coelho and had an in-depth discussion regarding practical cooperation in the field of electricity and power. Premier Coelho sang highly of SGCC's achievement in UHV and smart grid, and indicated the alliance with competent enterprises like SGCC would bring historical opportunities to REN for innovative and sustainable development. He hoped that two sides would strengthen exchange and cooperation, consolidate and expand the accomplishment, and make new contribution to the mutual benefit and development for both China and Portugal.

Liu Zhenya also met with Portuguese Finance Minister Vitor Gaspar, Foreign Minister Paulo Portas, Minister of Economy, Labor, Transport, Public Works and Communications Álvaro Santos Pereira, ERSE Chairman Vitor Santos, and REN president Rue Cartaxo. SERC Chief Accountant Lu Chunquan and CEC Deputy Director Wei Shaofeng attended the signing ceremony.

????Source: Department of International Cooperation

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