December 10, 2013 / 10:40 AM / 4 years ago

China waste firm Everbright Intl plans up to $484 millionshare sale: IFR

2 Min Read

HONG KONG (Reuters) - Waste management and energy company China Everbright International Ltd (0257.HK) is seeking to raise up to HK$3.75 billion ($484 million) by issuing new shares, IFR reported on Tuesday, citing sources.

The company is selling 430 million shares, or 10.6 percent of the total shares outstanding, at an indicative price range of HK$8.46 to HK$8.72 each, equivalent to a discount of 4.8 percent to 7.6 percent to the last traded price.

The company had earlier in the day halted trading pending the placement of shares.

It did not indicate what the funds would be used for.

Morgan Stanley (MS.N) is the sole bookrunner.

China Everbright International, which has a market capitalization of $4.75 billion, is an investment holding company with interests in environmental energy project construction and operation, including waste-to-energy power plants, waste water treatment and alternative energy.

The company's subsidiaries include Everbright Alternative Energy (Dangshan) Co Ltd, Everbright Environmental Energy (Changzhou) Co Ltd and Everbright Environmental Energy (Jiangyin) Co., Ltd, according to Thomson Reuters data.

($1 = 7.7537 Hong Kong dollars)

Reporting by Fiona Lau of IFR; Writing by Stephen Aldred; Editing by Michael Urquhart

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