BEST INVESTMENT CORP (BIC) has taken up 21 m placement shares of SIIC Environment.
SIIC Environment (recently 15.8 c) trades at a trailing PE of 26X and has a market cap of S$1.36 billion. Company photo.BIC is a substantial shareholder of the placement agent, Jefferies Singapore Limited, which is one of two joint placement agents for 1 billion new SIIC shares at SGD 0.158.
BIC is a wholly-owned subsidiary of CIC International Co., which in turn is a subsidiary controlled by China Investment Corporation.
The net proceeds raised from the placement was S$154.78 million after deducting S$3.22 million for related costs, expenses and commission.
The proceeds were to enlarge the general working capital of the Group, repay existing borrowings, and for general corporate purposes.
The placement shares represented 10.43% of the company’s enlarged issued share capital.
SIIC Environment’s 1Q net profit attributable to shareholders more than doubled to RMB63.6 million, on the back of contribution from new acquisitions, higher construction gross profit and foreign exchange gain.
Its revenue surged 50.7% yoy to RMB297.8 million on higher sales in the construction, water treatment & water supply and waste incineration business segments.
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