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SGX greets reverse takeover
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CHINA Everbright Water Ltd, formerly known as Hankore Environment Tech Group, was welcomed to the main board of Singapore Exchange yesterday following a reverse takeover.
In the reverse takeover, China Everbright Water International transferred its water treatment assets to Hankore, which was listed on the SGX, 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 for S$1.2 billion (US$909 million) in the form of the issue and allotment of 1.9 billion new ordinary shares by HanKore.
China Everbright Water Investments is wholly owned by China Everbright International, which is a subsidiary of China Everbright Group.
The enlarged entity will have an estimated market capitalization of about S$2.4 billion.
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