Sovereign wealth investor China Investment Corporation (CIC) and Asia-focused private equity firm RRJ Capital have picked up shares in Singapore-listed water treatment company SIIC Environment Holdings.
The company raised S$260m ($209m) through the sale of 3.1 billion shares at S$0.85 each, a 13 per cent discount to the weighted average price of trades on October 10. SIIC said it would use the capital for business expansion and working capital.
Following the investment, CIC’s Best Investment Corp now owns 7.68 per cent of SIIC, while RRJ vehicle Dalvey Asset holds a 2.79 per cent stake in the company.
The Chinese water treatment sector is proving particular attractive to private equity. Earlier this year KKR invested an additional $40m of equity into its portfolio company United Envirotech.
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