Clifford Chance

Clifford Chance advises IFC on purchase of SGD6.3 million warrants in C&G

Leading international law firm Clifford Chance has advised the International Finance Corporation (IFC), a member of the World Bank Group, on its subscription of SGD6.3 million warrants in C&G Environmental Protection Holdings Ltd. for its waste-to-energy projects.

Singapore partner Lee Taylor who led the deal said, "I'm very pleased to have assisted IFC on another important transaction. This one supports strategic environmental goals by promoting renewable energy development in China."

Lee was assisted by associate Sylvia Taslim.

According to a conditional agreement, C&G will issue 34,008,108 unlisted warrants to IFC at an exercise price of SGD0.185 per share, totaling around SGD6.3 million. Upon exercise of all the warrants, these new shares will represent 3.38 percent of the then issued share capital.  C&G will use the proceeds as working capital to support five existing waste-to-energy power plants and five such plants under construction across China, half of them located in inland regions.

IFC is the largest global development institution focused exclusively on the private sector. The organisation helps developing countries achieve sustainable growth by financing investment, providing advisory services to businesses and governments, and mobilizing capital in the international financial markets.

Headquartered in Hong Kong SAR, China, and listed on the Singapore Stock Exchange since 2005, C&G Environmental Protection Holdings Limited (formerly C&G Industrial Holdings Limited) constructs, operates and maintains waste incineration power plants for the treatment of municipal solid waste under Build-Operate-Transfer investments schemes in mainland China.