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ATLANTA, May 7, 2002 -- Mirant on Tuesday announced the sale of its stake in Shandong International Power Development Co. Ltd (SIPD) located in the Shandong province of China.
Mirant's 525,083,000 H shares represent 9.99 percent of the total issued share capital of SIPD and 36.69 percent of the total H shares issued by SIPD. H shares are shares issued by a company based in China and listed on the Hong Kong stock exchange.
Mirant received approximately $115 million in after-tax cash proceeds for the sale of SIPD's H shares on May 7, 2002. Mirant initially acquired the H shares at the IPO of SIPD in 1999. Since that time, Mirant has received approximately $34 million in dividends in total.
"The sale of our SIPD stake is another step in strengthening our balance sheet and improving liquidity," said Rick Kuester, senior vice president of Mirant's International operations. "SIPD was a profitable investment for Mirant and the sale brings us closer to our target of $1.6 billion in asset sales."
Mirant is a global competitive-energy company. Mirant integrates a portfolio of power and natural gas assets with marketing and risk management expertise. Mirant has facilities in North America, the Caribbean, Asia and Europe, and operates one of the world's largest energy commodity trading organizations from its headquarters in Atlanta. Visit us at www.mirant.com .
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