Zheneng Group acquires 29.79% stake in China Jinjiang Environment for $236m

Renewable energy/Illustration/ Internet Archive

China’s Zhejiang Provincial Energy Group (Zheneng Group) is acquiring 29.79% stake in private waste-to-energy operator China Jinjiang Environment Holding (CJE), owned by Dou Family through China Green Energy, according to a press statement.

Zheneng Group and the family signed a conditional sale and purchase agreement on 10 of June 2019, to buy 430 millions of ordinary shares in CJE for RMB 1.63 billion ($236.32 million).

The group will acquire the stake through its subsidiaries Zhejiang International and Zheneng Capital.

Dou Family indirectly owns 55.61% stake in CJE through China Green Energy and Win Charm Limited, the press statement explained. Dou Family, namely Dou Zhenggang and his spouse Wei Xuefeng, are the second largest controlling shareholder of CJE who each hold around 25.82% in the company.

Zheneng Group is the Chinese state-owned provincial energy company involved in energy-related businesses, including electric power source construction, electric and thermal power generation, development, trading and transportation of petroleum, coal and natural gas, energy services and energy finance. The group noted RMB 106 billion of net asset value by end of 2018.

Meanwhile CJE was established in 1998, and claims itself as the leading waste-to-energy (WTE) operator in the country, with primary focus on the planning, development, construction, operation and management of WTE facilities.

Aside from China, CJE also has presence in India, Brazil, Singapore, Indonesia and Germany. The company operates 20 WTE facilities and five resource recycling projects in 12 provinces in China with total installed capacity of 29,240 tons per day. CJE is listed in Singapore Stock Exchange (SGX) since 2016.

Singapore Reporter/s

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.