In today’s briefing:
- Zheneng Jinjiang Environment (ZJE SP): SOE-Backed Privatisation Looks Near-Certain to Complete
- Zheneng Jinjiang Environment (ZJE SP): S$0.70/Share Scheme Offer. Plus Divies
Zheneng Jinjiang Environment (ZJE SP): SOE-Backed Privatisation Looks Near-Certain to Complete
- Jieneng Investment’s offer for Zheneng Jinjiang Environment (ZJE SP) is at S$0.70 a share, a 19.7% premium to the undisturbed price. Two potential S$0.0225 dividends take the total to S$0.7225–S$0.745.
- The Chinese regulatory approvals look low-risk because the buyers are SOEs, a precedent (Canvest) got the same approvals, and waste-to-energy is a favoured sector. The main risk is timing.
- Holders of 83% of disinterested shares have given irrevocables, above the 75% needed. The shares have not closed above S$0.70 for over 5.5 years. This is a done deal.
Zheneng Jinjiang Environment (ZJE SP): S$0.70/Share Scheme Offer. Plus Divies
- Zheneng Jinjiang Environment (ZJE SP), a waste-to-energy infrastructure play, announced yesterday afternoon an Offer, by way of Scheme, from a consortium comprising major shareholder, the Zhejiang Provincial Energy Group.
- Zhejiang Provincial, inter alia, all of whom are linked to the provincial government of China’s Zhejiang province, are offering S$0.70/share, a 19.7% premium to last close. Terms are not final.
- Scrip into a back-end vehicle is afforded. Terms are just shy of a decade-high. S$0.045/share in dividends to be added. Timing on the PRC reg approvals is the key risk.
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