Singapore's Hyflux Water Trust launches IPO of 165 mln shares at 0.78 sgd each
Hyflux Water Trust, a unit of Hyflux Ltd, said Friday it has launched its initial public offering of 165 million shares at 78 Singapore cents a share.
The IPO comprises of a placement tranche of 135 million shares and a retail tranche of 30 million shares.
The trust is separately issuing 135 million shares to its sponsor, Hyflux, and cornerstone investors at the same price.
The IPO closes on Nov 28 and trading is expected to begin on Dec 3.
Following the IPO, Hyflux will hold a 25 percent stake in the trust. The public will hold 61.5 percent, while the rest will be held by cornerstone investors.
The 234 million dollars in gross proceeds from the IPO and share sale to Hyflux and cornerstone investors will be used to fund the acquisition of 13 water treatment facilities in China.
Of the 13 water treatment facilities to be injected into the trust, seven have started commercial operations, with the remainder expected to start by the end of 2008.
Hyflux has 12 more water-related infrastructure assets in China that can be injected into the trust in the future. |