China’s CITIC Bolsters UEL’s Wastewater Position

26 Nov 2014
Available with corporate subscription

On 11 November 2014, CITIC Environment Protection Co Ltd and KKR China Water Investment Holdings, through a special purpose vehicle, made a conditional US$1.3 billion offer to acquire the remaining shares of Singapore-based United Envirotech Limited (UEL). KKR previously invested US$113.8 million in convertible bonds of UEL in 2011 and another US$40 million in 2013, increasing its stake to 26%.

UEL provides engineering services using membrane technology to municipal and industrial wastewater treatment projects, and also operates a portfolio of wastewater treatment plants across China. UEL’s customer base includes petrochemical companies China Petrochemical Corporation, China National Petroleum Corp, China National Offshore Oil Corp and Sembcorp Industries in Singapore.

Bluefield Takeaways

  • UEL continues rounding-out wastewater treatment position
  • State-owned enterprises wielding greater global influence
  • Government policies underpin scaling interest