Everbright Water shares up on news of S$113m placement

Singapore

WATER treatment firm China Everbright Water closed higher after it announced a placement of 120.7 million new shares at S$0.94 each to raise S$113.4 million for growth and expansion purposes. After an initial dip to as low as S$1.01, the counter went as high as S$1.055 before closing at S$1.05, up 1.5 cents or 1.4 per cent for the day.

In a note on Tuesday, Maybank Kim Eng analyst Wei Bin maintained his "buy" call and target price of S$1.26, pending shareholder and regulatory approval of the placement.