China Everbright in HanKore Water Agreement Plans Majority Stake

Dec 30, 2013 11:45 am ET

Dec. 31 (Bloomberg) -- China Everbright International Ltd., a developer of water and environmental protection projects, plans to inject all water-industry investments into HanKore Environment Tech Group Ltd. in exchange for a majority stake in the company, according to a Hong Kong exchange filing.

China Everbright signed a framework agreement with Singapore-listed HanKore, which will issue consideration shares at S$0.0703 each and become a subsidiary on completion of the accord, according to the statement. Terms will be finalized following due diligence and the signing of a definitive agreement, China Everbright said.