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Chinese fund CIC sells stake in Singapore water treatment firm: IFR

[SINGAPORE] Chinese sovereign fund China Investment Corp (CIC) has sold its entire stake in Singapore-listed water treatment company SIIC Environment Holdings Ltd for about S$98 million (US$74.4 million) in a block share trade, IFR reported.

It sold 660 million shares or 6.88 per cent of the Singapore-listed company after pricing the deal at the bottom of a previously set range between S0.149 and S$0.0153, 8 per cent below SIIC's Thursday's closing price when the deal was launched, IFR reported.

On Friday shares of SIIC closed 9.9 per cent lower at S$0.146.

The sale came months after CIC reduced its stake in Singapore-listed Noble Group in a US$310 million deal in September.

CIC could not be immediately reached for comment.

Credit Suisse was the sole bookrunner for the deal, IFR, a Thomson Reuters publication, reported.

REUTERS