CIC Invests in SIIC Environment Holdings Ltd

The China Investment Corporation (CIC), through their sovereign wealth enterprise Best Investment Corporation, is subscribing shares in the placement of new shares by water treatment/management company SIIC Environment Holdings Ltd.

On October 14, SIIC Environment Holdings, a subsidiary of Shanghai Industrial Holding Ltd. (SIHL), announced the placement of 3.1 billion new shares. The shares were priced at S$ .085 (US$ .068) helping the company raise a total of S$ 263.5 million (US$ 211.4 million) for “business expansion” and to “enlarge” its “working capital.”

The list of subscribers include the following: Triumph Power Ltd. (1.6 billion shares), BIC (660 million shares), Dalvey Asset Holding Ltd., a subsidiary of RRJ Capital (450 million shares), CCBI Chengtou CleanTech Equity Investment Fund Co. (240 million shares), and Newyard Worldwide Holdings (150 million shares).

TPL, which is also an SIHL subsidiary, “has an option under the subscription agreement to allocate 350 million shares, at the same issue price, for subscription by China Energy Conservation & Environmental Protection.”

Deputy CEO of SIHL Zhou Jun sees the placements as “a vote of confidence” in the business fundamentals from the institutional investor community. He continued by saying that the injection of capital would help SIHL and SIIC Environment Holdings scale their business and “invest in more water and environment issues in China.”

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