April 13, 2017 / 2:56 AM / 3 years ago

Everbright International plans to list greentech business in Hong Kong

HONG KONG (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 energy and infrastructure firm 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 capitalization of China Everbright Greentech Limited, which invests in biomass, hazardous waste treatment, solar energy and wind power projects, would be between HK$10.4 billion and HK$11.8 billion ($1.3 billion-$1.5 billion), the company said.

China Everbright International said last year that a spin-off listing would increase the operational and financial transparency as well as unlock the potential value of the unit.

The unit is expected to benefit from mainland China’s policy to support the environmental protection industry.

Reporting by Farah Master and Michelle Price; Editing by Edwina Gibbs

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