January 25, 2018 / 12:32 AM / a month ago

Beijing Enterprises Water plans $468 mln share sale

HONG KONG, Jan 25 (Reuters) - Beijing Enterprises Water Group Ltd said on Thursday it planned to sell HK$3.66 billion ($468 million) worth of new shares, raising money for working capital.

The Chinese sewage and reclaimed water treatment services group will issue 450 million new shares to third-party investors and another 169.49 million new shares to its controlling shareholder, Beijing Enterprises Environmental Construction Ltd.

The shares will be issued at HK$5.90 apiece, representing a 5.8 percent discount to the previous close, it said in a filing.

The stake of the controlling shareholder, a unit of Beijing Enterprises Holdings Ltd, will be reduced to 42.42 percent after the deal from 43.48 percent.

China International Capital Corp, Daiwa Capital Markets, Deutsche Bank AG, Haitong International Securities and UBS AG are the placing agents.

$1 = 7.8176 Hong Kong dollars Reporting by Donny Kwok; Editing by Malcolm Foster

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