Stock Market News
Oracle Power shares boosted 20% by power plant project go-ahead
Oracle Power's shares jumped over 20% on Friday after the company's Chinese partner formally approved moving forward with its plans to proceed with development of its Thar power station project in Pakistan.
Sichuan Provisional Investment Group (SCIG), which is the major party in the proposals due to a 78% holding, will proceed with the plans subject to approvals and licences from the governments of China and Pakistan and routine due diligence
Oracle Power is working with SCIG and fellow Chinese state-owned enterprise PowerChina International Group following the signing of a memorandum of understanding between the companies concerning the project in the south eastern Sindh Desert Province.
Shahrukh Khan, chief executive of the AIM-listed company, said: "I am delighted to announce the approval of the SCIG Board to proceed with the Project. Since signing the MOU in November 2017, all parties have worked hard to advance the Project. We now enter into an exciting new stage in Oracle's evolution."
The gross project cost is estimated at $1.6bn, with the Chinese parties exclusively responsible for the sourcing of financing. The project has a proposed debt to equity ratio of 75:25 with Oracle set to hold on to 12.5% equity.
A statement from Oracle Power said: "Given that the project has priority status in the China Pakistan Economic Corridor, the Oracle board expects the approval by the Chinese government to be in a timely fashion."
As of 1623 GMT, Oracle Power's shares were up 20.75% at 1.60p.
Sichuan Provisional Investment Group (SCIG), which is the major party in the proposals due to a 78% holding, will proceed with the plans subject to approvals and licences from the governments of China and Pakistan and routine due diligence
Oracle Power is working with SCIG and fellow Chinese state-owned enterprise PowerChina International Group following the signing of a memorandum of understanding between the companies concerning the project in the south eastern Sindh Desert Province.
Shahrukh Khan, chief executive of the AIM-listed company, said: "I am delighted to announce the approval of the SCIG Board to proceed with the Project. Since signing the MOU in November 2017, all parties have worked hard to advance the Project. We now enter into an exciting new stage in Oracle's evolution."
The gross project cost is estimated at $1.6bn, with the Chinese parties exclusively responsible for the sourcing of financing. The project has a proposed debt to equity ratio of 75:25 with Oracle set to hold on to 12.5% equity.
A statement from Oracle Power said: "Given that the project has priority status in the China Pakistan Economic Corridor, the Oracle board expects the approval by the Chinese government to be in a timely fashion."
As of 1623 GMT, Oracle Power's shares were up 20.75% at 1.60p.
Related share prices |
---|
Oracle Power (ORCP) share price |
Stock News headlines are gathered from financial news sources around the web. Views and opinions on each item are from their respective authors and website. They are not opinions of LiveCharts.co.uk
Get a free widget for your website with our latest headlines.
You can now add our live prices and new headlines to your website.The news widget features quotes for Oil prices, spot Gold price and Indices plus a choice of news channel for healines.
Top Shares pages
- Share price quotes
- Share charts
- Share watch list
- Company Results Calendar
- Top Large UK Shares
- UK Market Sectors
- Stock market news
- Company news
- Share tips
- A-Z company search
More share features
POPULAR Share Prices
- Royal Mail share price
- Lloyds share price
- HSBC share price
- Barclays share price
- Prudential share price
- Santander share price
- NEXT share price
- Diageo share price
- BP share price
- Vodafone share price
- British Airways
- Centrica share price
- Tesco share price
- Taylor Wimpey Share Price
- National Grid
- GKP Share Price
- Marks and Spencer
- Rolls Royce
- Rio Tinto
- THG Share Price
- Aviva Share Price
- Boil Share price
- Easyjet Share Price
- Genedrive Share Price
- SSE Share Price
- IAG Share Price
- Boohoo share price
- HE1 share price
- AVCT share price
- BOOM share price