SIIC Environment forms JV to invest in China environmental companies

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SIIC Environment forms joint venture to invest in China environmental companies

MAINBOARD-LISTED SIIC Environment Holdings' unit, its controlling shareholder and Shanghai Overseas have formed a joint venture company with a committed capital of HK$100 million to invest in environmental companies in China, particularly in Yangtze River Delta.

Committed capital and equity in the JV, Shanghai Yangtze River Delta Water Environment Investment Fund, will be split 40 per cent to SIIC Environment' unit SIIC Environment Tech; 30 per cent to Eternal Way, a unit of SIIC Environment' controlling shareholder Shanghai Industrial Investment Company; and 30 per cent to Shanghai Overseas.

Committed capital will be paid in cash and is split the same way as equity interest, with SIIC Environment Tech contributing about S$7 million, SIIC Environment said in a bourse filing on Monday.Market voices on: The JV company will first invest about HK$52.8 million in Chinese water supplier Taizhou Water as a cornerstone investor. Taizhou Water plans to list on the Hong Kong exchange.

 

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