Advised China Everbright Environment Group Limited (Hong Kong stock code: 257) (“Everbright Environment”) on intra-group reorganisation (the “Reorganisation”) for which Everbright Environment, the controlling shareholder of China Everbright Water Limited (Hong Kong stock code: 1857 & Singapore Stock Code: U9E) (“Everbright Water”), indirectly held 72.87% of the total issued share capital of Everbright Water through two wholly-owned subsidiaries before the Reorganisation and held the interest in Everbright Water indirectly through its direct wholly-owned subsidiary after the Reorganisation. The Reorganisation aims to streamline the legal equity structure of the group of Everbright Environment. The Securities and Futures Commission of Hong Kong has also granted Everbright Environment a waiver from the mandatory general offer obligation as a result of the Transfer pursuant to Note 6(a) to Rule 26.1 of the Hong Kong Code on Takeovers and Mergers. The Securities Industry Council of Singapore has confirmed that the Reorganisation will not cause Everbright Environment to incur an obligation under Rule 14 of the Singapore Code on Take-overs and Mergers to make a general offer for Everbright Water.
Everbright Environment is a company listed on the Main Board of The Stock Exchange of Hong Kong Limited ("Main Board of the Stock Exchange”) (Hong Kong stock code: 257) and is the largest environmental protection enterprise in China and Asia’s leading environmental protection enterprise, as well as a world-renowned ecological and environmental management group.
Everbright Water is a company listed on the Mainboard of Singapore Exchange Securities Trading Limited (Singapore Stock Code: U9E) and the Main Board of the Stock Exchange (Hong Kong stock code: 1857) and is principally engaged in water environment management, municipal waste water treatment and industrial waste water treatment, etc.
The deal was led by lead partners Ernest Chung and Danny Hong of Chungs Lawyers, the associated firm of DeHeng Law Offices in Hong Kong, and supported by associate Crystal Wong and trainee solicitor Alex Tsoi.