Everbright International plans to list greentech business in Hong Kong (updated)

China Everbright Environment

13/04/2017 04:56

(Adds details about the greentech unit) 
    HONG KONG, April 13 (Reuters) - China Everbright 
International  0257.HK  said on Thursday it plans to spin off 
and separately list its greentech subsidiary, in a deal that 
could value the business at up to $1.5 billion. 
    The energy and infrastructure firm said it plans to sell up 
to 644 million shares in China Everbright Greentech Limited, 
representing around 30 percent of the company, at between 
HK$5.18 and HK$5.90 per share. 
    The proposed Hong Kong listing is subject to approval by the 
Hong Kong exchange listing committee.  
    The market capitalisation of China Everbright Greentech 
Limited, which invests in biomass, hazardous waste treatment, 
solar energy and wind power projects, would be between HK$10.4 
billion and HK$11.8 billion ($1.3 billion-$1.5 billion), the 
company said.  
    China Everbright International said last year that a 
spin-off listing would increase the operational and financial 
transparency as well as unlock the potential value of the unit. 
    The unit is expected to benefit from mainland China's policy 
to support the environmental protection industry. 
($1 = 7.7718 Hong Kong dollars) 
 
 (Reporting by Farah Master and Michelle Price; Editing by 
Edwina Gibbs) 
 ((farah.master@thomsonreuters.com; +852 28431631 , +852 9631 
8262; Reuters Messaging: 
farah.master.thomsonreuters@thomsonreuters.net)) 
 
Keywords: EVERBRIGHT INTL GREENTECH/IPO