The decision comes in line with Qatar’s efforts to invest $20bn in the next five years in Asia as well as expand offices in China and India.
Upon completion of the transaction, Power Assets, the utilities group controlled by China’s Li Ka, will remain as the controlling shareholder of HKEI, with 33.4% stake.
The transaction proceeds will be used by Power Assets to fund new acquisitions in the energy industry while boosting its liquidity position.
In a filing to the Hong Kong Stock Exchange.Power Assets, however, said it will record a HKD$455m ($58.6m) loss, as result of the transaction, for the year ending December 2015, Reuters reported.
Meanwhile, Cheung Kong Infrastructure, also controlled by Li, has sold 3.4% stake in HKEI to Qatar Investment Authority, reported Financial Times.
With these transactions, Qatar Investment Authority will have a total of 19.9% stake in HKEI.
