CITIC Envirotech to acquire 60% stake CITIC Qingyuan for $78.2 mil

SINGAPORE (Sept 6): CITIC Envirotech is acquiring a 60% stake in CITIC Qingyuan Development Co. in Guangdong province, China, for RMB378 million ($78.2 million).

CITIC Qingyuan supplies industrial water, steam and electricity and provides wastewater treatment and recycling services to the textile industrial park in Qingyuan city.

In a Wednesday filing, CITIC Envirotech says it will fund the capital injection from bank financing and proceeds from the issuance of the US$180 million ($243.7 million) senior perpetual securities under its US$750 million multicurrency perpetual securities issuance programme.

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