Contact Energy (ASX:CEN, NZE:CEN) proposed acquiring the remaining 24.98% stake in King Country Energy for about $47 million, according to a Monday filing with the Australian bourse.
The company holds roughly 75% of the shares in King Country Energy through its King Country Energy subsidiary and operates and maintains its five hydropower stations, the filing said.
The company is expected to take full ownership of King Country Energy's stations if the acquisition proceeds, per the filing.
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