CK Asset Holdings Limited (the Company) [Stock Code: 1113], together with CK Infrastructure Holdings Limited (CKI) [Stock Code: 1038] and Power Assets Holdings Limited (PAH) [Stock Code: 6], announced the disposal of their entire collective interest in UK Power Networks Holdings Limited (UK Power Networks). The transaction was documented through a Share Purchase Agreement signed by subsidiaries of the three companies (the Sellers) and Engie UK 2026 Limited (the Purchaser).
UK Power Networks is an electricity distributor covering London, the South East, and the East of England, with a network extending approximately 192,000 kilometers and serving about 8.50 million homes and businesses. The disposal involves the sale of 610.00 million ordinary shares (representing 100% of UK Power Networks), of which 20% is held by an indirect wholly owned subsidiary of the Company, 40% by CKI, and 40% by PAH. The consideration attributable to the Company’s portion is GBP2.11 billion (approximately HK$22.15 billion), subject to adjustments.
According to the announcement, the audited consolidated profits of UK Power Networks before and after taxation were GBP466.90 million and GBP312.40 million, respectively, for the financial year ended 31 March 2024. These figures rose to GBP1.15 billion and GBP852.90 million for the financial year ended 31 March 2025. The audited consolidated net asset value of UK Power Networks was GBP5.58 billion as of 31 March 2025.
Based on current estimates, the Company expects to realize a gain of around HK$8.40 billion from the transaction, with the proceeds intended for future investment or acquisition opportunities and general working capital. Completion of the disposal is contingent upon meeting various conditions, such as shareholder approvals and regulatory clearances in the United Kingdom and certain other jurisdictions. If these conditions are not satisfied before the agreed deadline, the Share Purchase Agreement may be terminated.
Under the Listing Rules, the Company’s portion of the sale constitutes a discloseable and potentially connected transaction. Consequently, it is subject to announcement, reporting, and independent shareholders’ approval. The Company will convene an extraordinary general meeting in due course, and a circular containing further information about the disposal is expected to be dispatched by 30 April 2026.
As the disposal remains subject to regulatory and shareholder approvals, there is a possibility it may not proceed. Shareholders and potential investors are advised to exercise caution when dealing in the Company’s securities. The Company refers interested parties to the joint announcements of CKI and CK Hutchison Holdings (CKHH) and the announcement of PAH, published on the same date, regarding their respective disposals.