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China Everbright Water debuts on SGX following reverse takeover

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SINGAPORE, Dec. 22 (Xinhua) -- China Everbright Water Ltd, formerly known as Hankore Environment Tech Group, was welcomed to the mainboard of Singapore Exchange on Monday following a reverse takeover.

In the reverse takeover, China Everbright Water International transferred its water treatment assets to Hankore, which was listed on the Singapore bourse, in return for shares in the enlarged entity.

It saw Hankore acquiring the entire issued and paid-up share capital of China Everbright Water Investments Limited for 1.2 billion Singapore dollars in the form of the issue and allotment of 1.9 billion new ordinary shares by HanKore.

China Everbright Water Investments Limited is wholly owned by China Everbright International, which is in turn a subsidiary of China Everbright Group.

The enlarged entity will have an estimated market capitalization of about 2.4 billion Singapore dollars (1.83 billion U.S. dollars).

Shares of the company debuted with an opening prices of 0.955 Singapore dollar per share and closed at 1.005 Singapore dollars on Monday.

China Everbright Water is involved in the environmental water business, including wastewater treatment, reusable water projects and wastewater heat pump projects in China.

SGX said the listing of China Everbright Water brings the total number of companies in the environment sector listed on Singapore Exchange to 15 with a market capitalization of more than 8.4 billion Singapore dollars. (1 U.S. dollar = 1.31 Singapore dollars)

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