- POSTED: 24 Dec 2013 17:06
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Singapore-listed C&G Environmental Protection Holdings Limited (C&G) is selling its waste-to-energy assets in China to Shanghai-listed Grandblue Environment for RMB1.85 billion or S$385.4 million.
SINGAPORE: Singapore-listed C&G Environmental Protection Holdings Limited (C&G) is selling its waste-to-energy assets in China to Shanghai-listed Grandblue Environment for RMB1.85 billion or S$385.4 million.
In a filing to the Singapore Exchange, C&G said RMB1.1 billion (about S$231.25 million) will be satisfied in cash, while the remaining RMB0.75 billion (about S$156.25 million), will be by way of allotment and issuance of Grandblue shares at an issue price of RMB8.34 (about S$1.74) per share.
This represents about 18 per cent discount to Grandblue's share price before its trading halt of RMB10.22 (about S$2.13) per share.
C&G currently operates six waste-to-energy plants in Fujian province and Hebei province as well as a sludge treatment plant in Jinjiang city, Fujian province.
The company said its latest initiative will allow it to hold its waste-to-energy assets in China through Grandblue.
With the completion of the transaction, C&G will be the second largest shareholder with more than 10 per cent stake in the Chinese utility and environmental player.
C&G said the divestment will also allow the group to refocus on the expansion of its waste-to-energy business in Southeast Asia.
It secured its first project in Nong Khaem, Bangkok with a daily capacity of 500 tons last year.