SINGAPORE (May 28): Hyflux is not the only water company in the news. On May 23, shares in CITIC Envirotech fell 11.6% to 61 cents. The drop, likely triggered by the company’s announcement on the previous day that CEO Lin Yucheng had resigned, led to a query by the Singapore Exchange. In its response to SGX, the company also said Lin is in talks to sell a third of the 91.68 million shares he held. That would have left him with 2.86% of the company.

Yet, after making this announcement, SGX filings show that Lin bought 1.22 million shares on May 24 instead, taking his holdings to 92.9 million shares, or 3.91%. The stock closed higher, at 67.5 cents, that day.

Hao Weibao, CITIC Envirotech chairman since 2015, will take on the group CEO role as well with effect from June 1. CITIC is the controlling shareholder of CITIC Environtech, with a stake of 62.91%. CITIC is one of China’s largest stateowned enterprises, with a particular presence in the financial services industry.

To continue reading,

Sign in to access this Premium article.

Subscription entitlements:

Less than $9 per month
3 Simultaneous logins across all devices
Unlimited access to latest and premium articles
Bonus unlimited access to online articles and virtual newspaper on The Edge Malaysia (single login)

Stay updated with Singapore corporate news stories for FREE

Follow our Telegram | Facebook