Power Assets Said to Seek $5 Billion From Unit Spinoff

Power Assets Holdings Ltd., controlled by Asia’s richest man, Li Ka-shing, is seeking to raise as much as $5 billion by selling units in its Hong Kong electricity arm, two people with knowledge of the plan said.

Power Assets plans to sell as much as a 70 percent stake in the division through a business trust structure, the company said in a statement to the Hong Kong stock exchange yesterday. That may be worth $5 billion, said the people, who asked not to be identified because the details are private.