Beijing Enterprises Water Group was able to raise gather USD 145 million after it sold its shares to Beijing Enterprises Environmental Construction Ltd. A term sheet seen by Bloomberg News revealed that the share sale would boost the company's working capital.
The firm was able to sell 350 million shares priced at HKD 3.21 each. This represented a 5.3% discount compared to the share's closing price yesterday. The original price per share was pegged at around the HKD 3.19 to HKD 3.29 range apiece. The new shares sold to Beijing Enterprises Environmental Construction represented 4.15% of the selling company's enlarged capital.
Beijing Enterprises Environmental is the controlling shareholder of Beijing Enterprises Water Group. The share sale was managed by Deutsche Bank.
Earlier in October, Malaysian sovereign wealth fund Khazanah Nasional acquired a 5% stake in Beijing Enterprises Water. The deal had a price tag of USD 152 million.
Beijing Enterprises Water constructs sewage and reclaimed water-treatment and sweater desalination facilities.
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