Singapore, October 22, 2010 - Sembcorp Industries announces that it is acquiring all remaining shares in The China Water Company (CWC) not already held by Sembcorp’s municipal water subsidiary, Cascal. The company signed a sale and purchase agreement today with CWC’s only other shareholder, Waterloo Industrial Limited (“Waterloo”), for its 13% stake in CWC.
The consideration for the 13% shareholding in CWC (including the assignment of Waterloo’s existing shareholder’s loan to CWC) is the equivalent of US$12.8 million (S$16.7 million) in Sembcorp Industries shares, amounting to a total of 3,630,192 new shares to be issued by Sembcorp. The consideration was arrived at on a willing buyer willing seller basis, taking into account the net tangible asset value of CWC Group.
Upon completion of the transaction, CWC will become a 97.66% subsidiary of the Sembcorp Group. CWC invests in and operates municipal water facilities in six locations in China: Fuzhou, Qitaihe, Xinmin, Yancheng, Yanjiao and Zhumadian.
This acquisition is not expected to have a material impact on the earnings and net asset value per share of Sembcorp Group for the financial year ending December 31, 2010.
ResMed Stock Soars After Strong Earnings. Wall Street Thinks It Can Do Even
Better., Go to article
-
Post Content Read More
3 hours ago
No comments:
Post a Comment