Shares of Singapore-listed Chinese wastewater treatment firm United Envirotech (UNIT.SI) surged as much as 10% on Monday after it said private equity firm KKR & Co (KKR.N) would invest US$113.8 million ($136.7 million) in convertible bonds of the firm.
At 9:02 a.m., shares of United Envirotech were 8.6% higher at $0.38 with over 2.5 million shares changing hands.
KKR’s investment would help the firm tap on China’s growing water treatment industry.
The 2.5% coupon convertible bond investment will have a five-year tenure and could be converted into equity shares at a conversion price of $0.450 per share.
This represents a 37.3% premium to $0.328 per share, the average closing price for trades done for the last 30 trading days, KKR said in a statement.
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