SIIC Environment to raise $260.2m through placement deal

It'll sell 3.1b ordinary shares at $0.85 each.

China-focused water treatment company SIIC Environment Holdings Ltd is raising SGD260.2 million by selling 3.1 billion ordinary shares at SGD0.85 a share to investors including private equity firm RRJ Capital and Chinese sovereign wealth fund CIC at a 13% discount to the weighted average price of trades on Oct. 10.

Here's more from OSK:

It plans to use the proceeds for business expansion and working capital. After the deal, Triumph Power Ltd (TPL), Best Investment Corp, Dalvey Asset Holding Ltd, CCBI Chengtou CleanTech Equity Investment Fund Co and Newyard Worldwide Holdings Ltd will own 41.15%, 7.68%, 5.24%, 2.79% and 1.75%, respectively, of the enlarged share capital of SIIC Environment and its subsidiaries.