CIC, RRJ back China water treatment firm SIIC Environment
Singapore-listed Chinese water treatment firm SIIC Environment will raise a total of S$260.2 million ($209 million) by selling new shares to investors including China Investment Corporation (CIC), RRJ Capital and CCBI International.
SIIC, a subsidiary of Hong Kong-listed Shanghai Industrial Holdings (SIHL), is selling 3.1 billion ordinary shares at S$0.085 apiece, representing 13% discount to the volume weighted average price on October 10, according to a regulatory filing.
Best Investment Corporation, a wholly-owned entity of CIC, will invest S$56.1 million for a 7.68% stake in the company. Dalvey Asset Holding, an investment arm of RRJ Capital, has committed S$38.3 million for a 5.24% stake. CCBI Chengtou Cleantech Equity Investment Fund put in S$20.4 million for 2.79%.
Other investors include Triumph Power, an unit of parent company SIHL, and Newyard Worldwide Holdings, owned by Ren Yuanlin, the executive chairman of Singapore-based Yangzijing Shipbuilding Holdings. Newyard held 1.75% after committing S$12.8 million.
SIIC Environment, which listed in Singapore in 2005, is a water management specialist as well as an investor in environment-related infrastructure assets. It has developed integrated engineering solutions including designing, procurement, installation and management for water purification, water supply and waste water treatment systems.
Three weeks ago, Malaysian sovereign fund Khazanah Nasional invested HK$1.18 billion ($152 million) in Beijing Enterprises Water Group, for a 4.95% stake, becoming the third biggest shareholder in the state-owned water treatment system operator.
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