A FIRM controlled by China General Nuclear Power Corp., the country’s biggest nuclear energy company by installed capacity, has obtained preliminary approval from China’s Ministry of Environmental Protection for its initial public offering (IPO) plan.

    The ministry said it has inspected Guangdong Province-based CGN Power Co.’s operation of nuclear power plants and verified that the company meets environmental protection requirements for companies seeking a listing.

    In China, companies whose operations might affect the environment need approvals from the Ministry of Environmental Protection before submitting initial public offering applications to the securities regulator, China Securities Regulatory Commission.

    Neither the amount of shares CGN Power plans to sell nor the value of the IPO were disclosed.

    The size of the IPO will depend on the capital market situation and its financial results, CGN Power said.

    The proceeds will be used to buy nuclear power plants from its parent company, construct nuclear power plants, research and develop nuclear power technology, expand overseas as well as supplement working capital and repay debt. (SD-Agencies)