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RRJ invests $349m in China Everbright International

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RRJ Capital has paid HK$2.7 billion ($349 million) for a 7.85% stake in China Everbright International, a subsidiary of Chinese conglomerate China Everbright Holdings, becoming the second-largest shareholder in the company.

According to a regulatory filing, RRJ Capital Master Fund II subscribed to 318 million shares, which accounted for over 70% of new shares offered by Everbright International through an institutional placement. The Hong Kong-listed company raised HK$3.66 billion by placing 430 million shares at HK$8.52 apiece.

As of the end of June, parent company China Everbright Holdings was the largest shareholder, with a 45.73% stake in Everbright International, followed by Allianz SE, which held 6.87%.

Everbright International operates environmental energy, environmental water and alternative energy businesses.

Three months ago, RRJ Capital committed $100 million to Hong Kong-listed Chinese property developer CIFI Holdings by subscribing to a senior notes issue.

RRJ's second fund reached a final close of $3.5 billion earlier this year. The Hong Kong-based GP, which was set up by Richard Ong, formerly of Goldman Sachs and Hopu Investment Management, originally targeted up to $5 billion.

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