Market Chatter: Zheneng Jinjiang Environment Offers SG$1 Billion to Take Zheneng Jinjiang Private

MT Newswires

Sep 29

Zhejiang Provincial Energy has offered to take Singapore-listed Zheneng Jinjiang Environment (SGX:BWM) private in a deal valuing the company at about SG$1 billion, Reuters reported Tuesday.

The offer is priced at SG$0.70 per share in cash, representing a 29.6% premium to Zheneng Jinjiang's Sept. 24 closing price. Zhejiang Provincial also offered shareholders the option to receive shares instead of cash.

Zhejiang Provincial and its units, which hold nearly 30% of Zheneng Jinjiang, said privatization and delisting would give management greater flexibility to operate the business. Zheneng Jinjiang's board also recommended a special dividend of SG$0.045 per share, totaling SG$64.6 million in capital returned to shareholders, the news agency said.

The companies did not immediately respond to MT Newswires' request for a comment.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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Zhejiang Provincial also offered shareholders the option to receive shares instead of cash.</p><p>Zhejiang Provincial and its units, which hold nearly 30% of Zheneng Jinjiang, said privatization and delisting would give management greater flexibility to operate the business. Zheneng Jinjiang's board also recommended a special dividend of SG$0.045 per share, totaling SG$64.6 million in capital returned to shareholders, the news agency said.</p><p>The companies did not immediately respond to MT Newswires' request for a comment.</p><p>(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. 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Zhejiang Provincial also offered shareholders the option to receive shares instead of cash.Zhejiang Provincial and its units, which hold nearly 30% of Zheneng Jinjiang, said privatization and delisting would give management greater flexibility to operate the business. Zheneng Jinjiang's board also recommended a special dividend of SG$0.045 per share, totaling SG$64.6 million in capital returned to shareholders, the news agency said.The companies did not immediately respond to MT Newswires' request for a comment.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. 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