Qatar buys $1.2bn slice of Hong Kong utility
Fund acquires close to 20% stake in HK Electric from Li Ka-Shing-controlled companies.
Qatar Investment Authority has purchased a stake worth $1.2bn in HK Electric Investments, a utility serving 568,000 customers in Hong Kong.
The Qatari fund purchased a 19.9% interest from two different companies controlled by Li Ka-Shing, Hong Kong’s richest man with a fortune estimated at around $35bn.
One of those companies, Power Assets Holdings, will retain a 33.37% controlling stake in HK Electric after selling 16.53% of the utility.
Qatar plans to invest up to $20bn in Asian assets in the next five years and expand offices in Beijing and New Delhi.
Previous investments in Hong Kong include department store operator Lifestyle International and commercial bank Agricultural Bank of China.