China Reform Puissance acquires major stake in Citic Envirotech for S$390m

CHINA Reform Puissance Overseas GP has emerged as a substantial shareholder of Citic Envirotech after acquiring a 23.85 per cent stake in the firm via an off market transaction for S$390.1 million.

The acquisition of some 269 million shares, which works out to S$1.45 apiece, was done on Oct 2.

Citic Envirotech shares fell five Singapore cents or 3.7 per cent to finish at S$1.30 on Monday.