This link has been bookmarked by 1 people . It was first bookmarked on 22 Sep 2009, by Colin Bennett.
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Colin BennettSinomem Technology has agreed to sell up to 50 million new ordinary shares via placement agent CIMB-GK Securities, at an issue price of S$0.62 (US$0.44) per share.
* The company intends to use the net proceeds of S$30 million (US$21 million) to expand its water business, including further investment in BOTs.
* Shares in Asia Water Technology ceased trading on 7th September after the company announced that it had appointed receivers. The situation came to a head after CLSA Mezzanine Management demanded immediate payment of US$33,516,516.67 under an existing debenture agreement. Based on its available cash and banking facilities, Asia Water was unable to make the full payment, and the receivers will now start to dispose of the company’s assets.
* JBIC and Hyflux have signed a memorandum of understanding to explore the possibility of cooperation on water projects in the Middle East, North Africa and Asia. The agreement will identify areas where JBIC could provide financing for water projects undertaken by Hyflux and involving the participation of Japanese equipment suppliers or investors. JBIC’s contribution to such projects could include debt finance, guarantees, and equity investments.
* Sinomem has won a 30-year wastewater treatment and reuse BOT in Baichen City, Jilin Province, China. The company has entered into an investment agreement with Baichen City Municipal Government to pay RMB30 million ($4.4 million) for construction work already done. Construction of the 50,000m3/d facility is expected to be completed in the first quarter of 2010. The total investment is estimated at RMB70 million ($10.2 million).
* Singapore-listed Bio-Treat Technology has lost its CEO Dennis Chan. Mr. Chan resigned with effect from 1st September to pursue personal interests. CFO Alan Lau has been appointed as acting CEO.
* The deal to dispose of the Malaysian State of Johor’s water assets from Ranhill Berhad’s unit SAJ Holdings to the federal government’s Pengurusan Aset Air Bhd (PAAB) was completed on 1st September. PAAB agr
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