Zheneng Jinjiang Environment Holding Company Limited on Sep, 29 2026 announced a proposed privatisation by Jieneng Investment (Hong Kong) Limited through a scheme of arrangement.
Under the plan, minority shareholders can elect to receive either: • Cash of S$0.70 per share, or • One new Jieneng Investment share issued at S$0.70 in exchange for each Zheneng Jinjiang share.
Shareholders must choose one form of consideration for all their shares; absent a valid election they will receive cash. The offer does not apply to the 19.90 million treasury shares.
Based on 1.434 billion outstanding shares (excluding treasury shares), the bid values Zheneng Jinjiang Environment at about 1.0 billion Singapore dollars. The cash offer represents premiums of 19.7 % to the last undisturbed close of S$0.585 on Feb, 11 2026 and up to 58.9 % to the 12-month VWAP of S$0.441.
The Offeror is owned by six investors, led by Zhejiang Energy Hong Kong Holding with a 29.98 % stake. Zhejiang Energy Hong Kong, already the company’s largest shareholder, will roll over its 29.98 % interest for new Jieneng Investment shares and will not receive cash.
Four existing shareholders holding a combined 58.10 % of Zheneng Jinjiang shares have signed irrevocable undertakings to vote for the scheme. If approved by at least 75 % in value of shares voted at the Court-ordered meeting and sanctioned by the Cayman court, the company will be delisted from the Singapore Exchange Mainboard.
The board has also recommended “permitted dividends” totalling 64.6 million Singapore dollars, equal to S$0.045 per share, to be paid in two equal tranches of S$32.3 million (S$0.0225 per share) with record dates to be set after shareholder approval and on Mar, 31 2027 respectively. These dividends will not adjust the scheme consideration.
China International Capital Corporation (Singapore) Pte. Limited is advising the Offeror, while PricewaterhouseCoopers Corporate Finance Pte Ltd acts as independent financial adviser to the non-conflicted directors of Zheneng Jinjiang Environment.
A detailed scheme document, including the independent financial adviser’s opinion and notice of the shareholders’ meeting, will be dispatched in due course.