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China Everbright to Move Assets to HanKore in $928 Million Deal

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June 2 (Bloomberg) -- China Everbright International Ltd. said it agreed to transfer water-treatment assets to HanKore Environment Tech Group Ltd. for the equivalent of about 5.81 billion yuan ($928 million) in stock.

China Everbright, which develops water and environmental protection projects, will hold 79 percent of Singapore-listed HanKore after completing the deal, the company said in a Hong Kong exchange filing today. HanKore will issue shares at 70.3 Singapore cents each, according to the statement.

The companies will combine their waste water treatment plants in China following the deal, the framework agreement for which they announced in December. China Everbright operates 21 waste water treatment sites and four reusable water projects while HanKore owns 11 treatment plants, the statement said.

In a separate statement, HanKore said the deal is a reverse takeover. The company’s shares were trading at S$1.19 on May 30 before being halted today.

To contact the reporter on this story: Jonathan Browning in Hong Kong at jbrowning9@bloomberg.net

To contact the editors responsible for this story: Philip Lagerkranser at lagerkranser@bloomberg.net Robin Ganguly, Joshua Fellman

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