|
| Wednesday, 25 April 2018, 15:53 HKT/SGT | |
| |
|
|
|
SINGAPORE / HONG KONG, Apr 25, 2018 - (ACN Newswire) - China Jinjiang Environment Holding Company Limited ("Jinjiang Environment" and together with its subsidiaries, the "Group"), a leading waste-to-energy ("WTE") operator in the People's Republic of China ("PRC"), announced that it had on 22 April 2018 entered into a subscription agreement with a discretionary managed fund ("Subscriber") managed by Harvest Global Capital (Cayman) Investments Limited, a wholly-owned subsidiary of Harvest Global Capital Investments Limited, pursuant to which Jinjiang Environment will issue 214 million new ordinary shares to the Subscriber at an issue price of S$0.50 (the "Proposed Subscription"), thereby raising gross proceeds of S$107.0 million. Following the completion of the Proposed Subscription, the Subscriber will hold a 14.91% equity interest in the enlarged capital of Jinjiang Environment.
The net proceeds from the Proposed Subscription, amounting to approximately S$106.9 million, will be used to finance the ongoing technical upgrading of eight of the Group's WTE facilities in the PRC ("Upgrading Project"). In view of the high capital commitment for the Upgrading Project, the Proposed Subscription enables the Group to (i) finance and complete the Upgrading Project, which will expand the waste treatment capacity of the Group by approximately 5,000 t/d whilst also reducing emission levels and the proportion of coal used at the Group's WTE facilities, (ii) diversify its financial and capital resources and better manage the capital expenditure requirements of expanding its pipeline of WTE projects, thereby allowing it to focus on further expansion of its WTE pipeline and addition of other verticals in the WTE industry, and (iii) improve its gearing and enhance its borrowing capacity.
A representative of Harvest Global Capital (Cayman) Investments Limited said: "Jinjiang Environment is a leading WTE operator in China. It has strong cash reserves, deep and extensive technical expertise and a solid operating track record in the WTE field. Currently, in tandem with the development goals under the 13th Five-Year Plan of the PRC government, the environmental protection and green energy sectors in the PRC bear significant growth potential. We are very pleased to partner Jinjiang Environment in investing in what we see as a dominant industry leader in the WTE and environmental protection industry for the long term. We are confident about the long term growth prospects of Jinjiang Environment and the WTE and environmental protection industries both in the PRC and overseas."
Ms. Wang Yuanluo, Non-Executive, Non-Independent Chairman of Jinjiang Environment, said: "The Proposed Subscription has extraordinary significance for Jinjiang Environment. Jinjiang Environment has always had quality financial investors investing in us, from the International Finance Corporation, a fund co-managed by Mount Kellett Capital Management and an affiliate of Fortress Investment Group, and a fund managed by Olympus Capital Holdings Asia, prior to our initial public offering, to the cornerstone investors who invested concurrently with our initial public offering. Harvest Global Capital Investments' investment in Jinjiang Environment is testament to the dominant market leading position and long-term investment value of Jinjiang Environment in the WTE and environmental protection industries and demonstrates the confidence of the capital markets in the future development of the Group. Moving forward, with Harvest Global Capital Investments as a long-term investor, the Group will be able to better capture new business development opportunities, consolidate its leading industry position domestically, and maximise value for its shareholders."
Topic: Press release summary
Sectors: Daily Finance, Environment, ESG, Daily News
https://www.acnnewswire.com
From the Asia Corporate News Network
Copyright © 2026 ACN Newswire. All rights reserved. A division of Asia Corporate News Network.
|
|
|
|
|
|
|
| |
Latest Press Releases
Unitree Robotics IPO Ignites Embodied-Intelligence Rally, Shoucheng Holdings (0697.HK) Faces a Dual Catalyst of 'Investment Realisation+Platform Re-Rating'
Mar 23, 2026 08:22 HKT/SGT
|
|
|
AEM and ASE Enter Strategic Partnership to Accelerate AI and HPC Test Innovation
Mar 23, 2026 08:00 HKT/SGT
|
|
|
FILMART and EntertainmentPulse draw about 8,000 industry participants
Mar 20, 2026 20:40 HKT/SGT
|
|
|
TANAKA Announces Executive Appointments
Mar 20, 2026 20:00 HKT/SGT
|
|
|
MarketingPulse and eTailingPulse attract more than 1,700 industry professionals
Mar 20, 2026 11:42 HKT/SGT
|
|
|
Anticipation of Unitree Robotics' IPO Heats Up, Value Revaluation for Shoucheng Holdings (0697.HK) Expected
Mar 20, 2026 08:30 HKT/SGT
|
|
|
Global Capital Reset Takes Centre Stage at Hall Chadwick's U.S. Capital Access Forum in Singapore
Mar 20, 2026 07:00 HKT/SGT
|
|
|
U.S. Polo Assn. Unveils 2026 Spring-Summer Global Collection, Inspired by Coastal Charleston, South Carolina
Mar 19, 2026 19:00 HKT/SGT
|
|
|
Honda to Expand Motorcycle Production Capacity in India by Adding New Motorcycle Production Line to its Second Plant
Thursday, March 19, 2026 5:32:00 PM
|
|
|
Honda WN7 Electric Motorcycle Wins Gold Award at iF DESIGN AWARD 2026
Thursday, March 19, 2026 5:16:00 PM
|
|
|
|
|
More Press release >> |
|
|
|
