April 13, 2017 / 2:46 AM / 3 years ago

Everbright International plans to spin off greentech business

HONG KONG, April 13 (Reuters) - China Everbright International said on Thursday it plans to spin off and separately list its greentech subsidiary, in a deal that could value the business at up to $1.5 billion.

The Chinese financial services giant said it plans to sell up to 644 million shares in China Everbright Greentech Limited, representing around 30 percent of the company, at between HK$5.18 and HK$5.90 per share.

The proposed Hong Kong listing is subject to approval by the Hong Kong exchange listing committee.

The market capitalisation of China Everbright Greentech Limited company would be between HK$10.4 billion and HK$11.8 billion ($1.3 billion-$1.5 billion), the company said. ($1 = 7.7718 Hong Kong dollars) (Reporting by Farah Master and Michelle Price; Editing by Edwina Gibbs)

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