(Corrects third paragraph to S$0.085, not S$0.85)
HONG KONG Oct 14 China-focused water treatment
company SIIC Environment Holdings Ltd is raising
S$260.2 million ($208.7 million) by selling new shares to
investors including Chinese sovereign wealth fund CIC
and private equity firm RRJ Capital.
Singapore-listed water companies have been attracting
big-name investors as they profit from exporting their expertise
to China, which plans to spend $850 billion over the next decade
to improve its scarce and polluted water supplies.
SIIC, a unit of Shanghai Industrial Holdings Ltd (SIHL)
, said on Monday it was selling 3.1 billion ordinary
shares at S$0.085 a share, a 13 percent discount to the weighted
average price of trades on Oct. 10, the last trading day for the
It plans to use the proceeds for business expansion and
Through the deal, Triumph Power Ltd (TPL), Best Investment
Corp, Dalvey Asset Holding Ltd, CCBI Chengtou CleanTech Equity
Investment Fund Co and Newyard Worldwide Holdings Ltd will own
41.15 percent, 7.68 percent, 5.24 percent, 2.79 percent and 1.75
percent, respectively, of the enlarged share capital of SIIC
Environment and its subsidiaries.
TPL is a unit of SIHL, while Best Investment and Dalvey
Asset are units of CIC and RRJ, respectively.
Pan-Asia private equity firm RRJ, founded by ex-Goldman
Sachs and Hopu dealmaker Richard Ong, is the only
non-Chinese investor in the deal.
Earlier this year, U.S.-based private equity firm KKR & Co
LP made a $40 million follow-on investment in Singapore
listed United Envirotech,
SIIC Environment has a portfolio of projects in 12 provinces
($1 = 1.2471 Singapore dollars)
(Reporting by Stephen Aldred; Editing by Mark Potter)