China EnerSave spins off Vietnam engineering arms for S$82 mln
Singapore-listed China EnerSave said Tuesday that it has spun off its 46.6 percent-owned Vietnam engineering arm Amanda for US$53 million through a reverse takeover.
China EnerSave builds and operates renewable energy plants in China.
As part of the deal, Amanda Industries Pte Ltd will be sold to die-cast collectibles maker Creative Master Bermuda, which will issue 381.4 million new shares at S$0.215 each to pay China EnerSave and the other shareholders of Amanda.
China EnerSave said it would own 37.7 percent of the enlarged share capital of Creative Master, which will be renamed Amanda Industries Ltd.
Vietnam-based Amanda Industries Pte. Ltd. makes steel parts and parts of gas turbines used in the energy industry.
Provenance Capital was the financial adviser for the transaction, said China EnerSave.
Source: Reuters
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