HanKore in deal with China Everbright Water

WATER treatment technology firm HanKore Environment Tech Group plans to buy all the environmental water assets of China Everbright Water Investments, in a deal that would turn the firm into a subsidiary of the latter.

The acquisition will be paid for through the issue of new Hankore shares to China Everbright - a subsidiary of Hong Kong-listed China Everbright International - priced at 7.03 cents each.

While the value of the assets are yet to be determined, China Everbright Water is expected to hold more than 50 per cent of HanKore's enlarged share capital after the acquisition. If not, it can also subscribe for more new HanKore shares in cash at the same price to achieve this holding.