CK Infrastructure (1038) positions itself as a global infrastructure company and will invest in its hometown Hong Kong if there are local projects with reasonable returns, said chairman Victor Li Tzar-kuoi.
Attending the annual general meeting yesterday, Li said it is always the project that matters rather than the location when the group sets eyes on the suitable investment target.
Earlier this month, CKI acquired UU Solar, a 68.7 megawatts portfolio of renewable assets in the United Kingdom, following an agreement to acquire Northern Ireland gas distribution network operator Phoenix Energy in late April.
On CKI's single-digit year-on-year growth last year, Li noted that shareholders should take into account that the company divested part of its interest in Northumbrian Water in 2022, which resulted in a one-off gain that year. If the one-off gain were excluded, net profit would have increased by 12 percent in 2023 from a year ago, Li said.
This came as Andrew John Hunter, the new chairman of Power Assets (0006) under CKI, said at its AGM yesterday that the company will be prudent in identifying stable and rewarding acquisitions. Executive director Chan Loi-shun noted the firm will continue a stable dividend payout.
Meanwhile, in response to a shareholder's concern about HK Electric Investments' (2638) low share prices, chairman Canning Fok Kin-ning said global power companies are all affected by interest rates but he believes the firm's investment plan will increase long-term benefits. He added that he is confident the group's share price will perform well if interest rates drop.
Victor Li attends the AGM. Sing Tao
