Toxic China

Citic, KKR pitch in to clean up toxic China

Citic Ltd and KKR bid S$1.26b for Chinese sewage company United Envirotech after the country’s growth story over the past 30 years has turned its rivers toxic.

Citic Ltd, China’s largest conglomerate, and global private equity firm KKR have bid upto S$1.26 billion $972 million for sewage firm United Envirotech as they look to profit from China’s efforts to clean up its toxic rivers.

The deal would see Citic take full control of Singapore-listed United Envirotech, a membrane-based water and waste-water treatment and reclamation solution provider with businesses mainly in China’s chemical, petrochemical and industrial park sectors.

“Environmental protection is a top priority for China and Citic foresees not only commercial opportunity but also societal benefit from this investment,” Wang Jiong, Citic's vice chairman and president, said in a statement on Wednesday.

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