CHINA Jinjiang Environment Holding, which converts waste into energy, said on Wednesday it would buy two companies linked to its controlling shareholder.
It said that it would buy all of Zhejiang Zhuji Bafang Thermal Power for 304 million yuan (S$62.5 million), and Wenling Green New Energy Co Ltd for 135 million yuan. The two companies are owned by Jinjiang Group, the controlling shareholder of China Jinjiang Environment Holding.
China Jinjiang Environment Holding was listed in August. The acquisitions will be funded by monies raised through its initial public offering.