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China Everbright in reverse takeover of Singapore's HanKore

China Everbright International plans to inject S$1.2 billion worth of waste water treatment plants into HanKore Environment Tech Group, in a deal that will create one of China's largest waste water firms.

SINGAPORE: China Everbright International plans to inject S$1.2 billion worth of waste water treatment plants into HanKore Environment Tech Group, in a deal that will create one of China's largest waste water firms.

In a statement late on Monday, HanKore said the purchase of the water assets from Chinese investment giant China Everbright will be satisfied by the issue of 1.94 billion HanKore shares valued at around S$1.2 billion.

Upon completion of the reverse takeover, China Everbright will own 78 per cent of HanKore, which will subsequently be re-named China Everbright Water.

The proposed deal will "significantly increase the scale of the company's operations and make it become one of the largest water treatment companies in the People's Republic of China (PRC)", HanKore said in a statement.

HanKore currently has investments in 11 large-scale municipal water/waste water treatment projects in Beijing and in the provinces of Jiangsu, Shandong, Shaanxi and Henan.

Should the proposed acquisition of China Everbright assets get the green light, the firm will get another 21 waste-water treatment projects, four reusable water projects and one waste-water source heat pump project.

China Everbright's proposed takeover of HanKore is subject to approval from the Singapore Exchange and HanKore shareholders. 

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