China Jinjiang Environment Holding
China Jinjiang Environment Holding, a waste-to-energy (WTE) operator in China, said its wholly-owned subsidiary Jinjiang Environment Indonesia is acquiring a 95 per cent stake in Indo Green Power (IGP).
IGP has secured a concession to construct, own and operate a WTE facility in Palembang, Indonesia with a total installed waste-treatment capacity of 1,000 tons per day (the "Palembang Project"). Under the terms, it has an exclusive right to provide waste-treatment services in a stipulated area in Palembang for 30 years from the date of commencement of commercial operation of the Palembang Project, in consideration of a tipping fee, and electricity tariff payable by the local authorities for the waste-treatment services provided and electricity generated by the Palembang Project, respectively. The total estimated investment amount for the project is about US$120 million (S$160.5 million), to be funded through the group's internal resources, bank borrowings and/or future equity or debt fund raising.
IGP will have an issued capital of 25 billion rupiah (S$2.5 million), and Jinjiang Environment Indonesia's contribution will be 23.75 billion rupiah, pro rata to its 95 per cent stake. No consideration is payable by the group for the acquisition of this stake.
India's Fortis Healthcare said yesterday its board would look at a new round of bids from four local and international parties, after shareholders opposed a previous board decision last month to accept an offer from a consortium. It became the target of a bidding war last month by suitors seeking a share of a boom in India's private healthcare market. It had accepted a proposed 18 billion rupees (S$359 million) offer from Hero Enterprise Investment Office and the Burman Family Office consortium.
The new process is expected to settle the prolonged takeover battle for the cash-strapped hospitals operator . Its board received bids from "various interested parties" on Thursday, Fortis said in a statement. It has decided to consider offers from the Hero-Burman group, a consortium of Manipal Health Enterprises and the private equity firm TPG, Malaysia's IHH Healthcare and Radiant Life Care.
Fortis shareholders voted to remove four members of the company's board following the bid by Hero-Burman group. Some shareholders had opposed that offer.
The new Fortis board will consider the new bids. Binding bids under the new process need to be submitted by June 14, Fortis said.