Zheneng Jinjiang top shareholder offers to take firm private in $782 million deal
Zhejiang Provincial Energy Group offered to take the Singapore-listed waste-to-energy firm private at S$0.70 per share, valuing it at about S$1.0 billion ($782 million), a 29.6% premium to Sept 24 close.
0 billion ($782 million). 6% premium to Zheneng Jinjiang's closing price on September 24. In place of cash, Zhejiang Provincial also offered shares. Chinese state-backed Zhejiang Provincial and its units, which supply nearly half of the electricity consumed in Zhejiang Province, are the top shareholder of Zheneng Jinjiang holding a near 30% stake, the companies said in a joint statement.
Zhejiang Provincial said privatization and delisting would give management more flexibility to run the business, noting the company had not tapped equity markets for funds since 2018. 6 million in capital return to shareholders. com;)