SIIC's S$220m placement could open door to more deals

Singapore

SIIC Environment Holdings' S$220 million private placement to its controlling shareholder could put the water and waste treatment company in position to pursue more strategic investments, a DBS analyst said.

SIIC said late Monday that it would issue 350 million new shares at 63 Singapore cents apiece to Shanghai Industrial Holdings Ltd (SIHL), which already controls a 37.6 per cent stake in SIIC and will hold 45.9 per cent after the placement.