On Thursday, the wastewater treatment company announced a proposed placement of 350 million shares to its parent company, Shanghai Industrial. The placement price of 63 cents represents a 9% premium from the current share price.
SINGAPORE (Feb 17): RHB is maintaining its “buy” call for SIIC Environment as it expects the group to register a strong FY17, backed by high volumes of construction activities and full-year contribution from newly acquired Longjiang Group.
“We reduce our target price to 96 cents from $1.13, to account for the dilution after the share placement,” says analyst Juliana Cai in a Friday report who expects its dual-listing in Hong Kong to take place after the placement of shares to its parent is completed.
