China-focused water treatment company SIIC Environment Holdings Ltd is raising S$260.2 million ($208.7 million) by selling new shares to investors including Chinese sovereign wealth fund CIC and private equity firm RRJ Capital.

Singapore-listed water companies have been attracting big-name investors as they profit from exporting their expertise to China, which plans to spend $850 billion over the next decade to improve its scarce and polluted water supplies.

SIIC, a unit of Shanghai Industrial Holdings Ltd (SIHL) , said on Monday it was selling 3.1 billion ordinary shares at S$0.85 a share, a 13 percent discount to the weighted average price of trades on Oct. 10, the last trading day for the stock.

It plans to use the proceeds for business expansion and working capital.

Through the deal, Triumph Power Ltd (TPL), Best Investment Corp, Dalvey Asset Holding Ltd, CCBI Chengtou CleanTech Equity Investment Fund Co and Newyard Worldwide Holdings Ltd will own 41.15 percent, 7.68 percent, 5.24 percent, 2.79 percent and 1.75 percent, respectively, of the enlarged share capital of SIIC Environment and its subsidiaries.

TPL is a unit of SIHL, while Best Investment and Dalvey Asset are units of CIC and RRJ, respectively.

Pan-Asia private equity firm RRJ, founded by ex-Goldman Sachs and Hopu dealmaker Richard Ong, is the only non-Chinese investor in the deal.

Earlier this year, U.S.-based private equity firm KKR & Co LP made a $40 million follow-on investment in Singapore listed United Envirotech.

SIIC Environment has a portfolio of projects in 12 provinces in China.

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