CKI, HK Electric to boost stake in British gas supplier

HONG KONG, Nov 16 (Reuters) - Cheung Kong Infrastructure (1038.HK) (CKI) and Hongkong Electric (0006.HK) said on Monday that they will spend 76 million pounds ($127 million) to increase their stakes in British gas distributor Northern Gas Networks.

The companies would buy the stakes from United Utilities Group (UU.L), the companies said in a statement to the Hong Kong Stock Exchange.

After the purchase, CKI, a roads and utility investment company controlled by billionaire Li Ka-shing, will see it stake in Northern Gas Networks rise to 47.06 percent, from 40 percent. Hongkong Electric's stake will rise to 41.29 percent from 35.1 percent.

CKI has invested in gas, water and road assets in Australia, Canada and the United Kingdom. (Reporting by Alison Leung; Editing by Chris Lewis)