(Yicai Global) Aug. 10 -- Guangxi Nanning Waterworks Co. [SHA:601368] plans to raise up to CNY1.6 billion (USD239 million) in funding through private placement to build water supply and sewage processing plants in the southern province of Guangxi, it said in a press briefing on Aug. 8.
The firm will issue shares to at most 10 specific investors including its parent company Nanning Jianning Water Investment Group Co.
Nanning Waterworks will then invest CNY300 million to construct the third phase of the Nanning Chencun Water Plant and spend the remaining CNY1.3 billion to build the third phase of the Nanning Jiangnan Sewage Treatment Plant.
The completion of the water plant’s third phase will add 200,000 cubic meters to daily water supply capacity, while the expanded sewage plant will increase the scale of processing to 720,000 cubic meters per day.
Keywords: Waterworks, Share Issuance, Sewage Clean-up