FOLLOWING A reverse takeover in Dec 2014, China Everbright Water (formerly known as HanKore Environment) has on 19 January 2015 entered into share subscription agreements with International Finance Corporation (“IFC”) and Dalvey Asset Holding Ltd.
Dr Wang Tianyi, China Everbright Water's recently-appointed CEO. NextInsight file photo.China Everbright Water yesterday (Jan 20) said it would issue to the two investors an aggregate of 120,690,957 new ordinary shares at S$0.94 per share, raising gross proceeds of S$113,449,500.
It added that money will be used as working capital to fund the growth and expansion of the company’s business.
The subscription price represents a discount of 9.35 per cent to the weighted average price of S$1.0369 per share for trades done on the SGX-ST on 14 January 2015 and 15 January 2015.
The new shares will represent 4.63 per cent of the enlarged issued and paid-up share capital of China Everbright (excluding treasury shares).
IFC, a member of the World Bank Group, is the largest global development institution focused exclusively on the private sector in developing countries.
IFC has agreed to subscribe for 49,696,276 for S$46,714,500, representing approximately 1.91 per cent. of the enlarged issued and paid-up share capital of China Everbright.
The other investor, Dalvey Asset Holding, is wholly-owned by RRJ Capital Master Fund II, L.P which is an Asian-based investment firm focusing on private equity investments in China and South-East Asia.
The share subscriptions are subject to various conditions, including the approval of shareholders at a Special General Meeting to be convened.
|
|
Recent story: CHINA EVERBRIGHT WATER: SOEs to dominate municipal waste treatment
