Clean Water takes over Sinomem for S$351m
Clean Water Investment, an affiliate of private equity firm CDH China Management, is to acquire Singapore-listed water treatment group Sinomem Technology Limited via a voluntary conditional cash transaction, according to a document sent to the Singapore Stock Exchange.
The firm has offered S$0.70 ($0.55) a share, equating to a 28.4% premium over the last traded price of S$0.54 ($0.43). The total transaction cost will be S$351million ($277.4 million) for all ordinary shares of Sinomem. Founders Lan Weiguang and Chen Ni, who hold 56.05% of the company’s shares, excluding the shares held by Sinomem as treasury shares, have confirmed their participation in the acquisition. Upon successful take over, Clean Water plans to de-list Sinomem from the Singapore Stock Exchange.
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