SIIC Environment increases stake in Longjiang Environment

The total deal value is $172m.

SIIC Environment Holdings announced two proposed acquisitions through two subsidiaries to buy a combined 32.66% equity interest in Longjiang Environmental Protection Group Co., for RMB836m (S$172.4m).

The acquisition will be funded by internal cash resources and borrowings.

Under the deal, SIIC Environment’s wholly-owned subsidiary Gold Orient Investments agreed to buy 30.78% of the equity interest in Longjiang Environmental from Tsinghua Tongfang Co., for RMB788m.

Another subsidiary, SIIC Environment Holdings (Shenzhen) Co., will buy 1.88% of the equity interest in Longjiang Environmental from Changzhou Wei Run Heavy Industry Machinery Co., for RMB48m.

SIIC Environment currently has a 25.31% stake in Longjiang Environmental Protection Group. After a successful acquisition, this will expand its equity interest to 57.97%.

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