CNA

CNA: CNA proposed to spin-off its wholly-owned China waste water treatment business, CNA Dongying Water, on SGX's Catalist Board. The corporate exercise for the master systems integrator for integrated building and facilities management and mechanical engineering solutions provider is intended to optimise capital structure and enable the group to increase scale for its businesses going forward. CNA Dongying's core project is a build-operate-transfer industrial waste water treatment plant located in the Dongying Economic Development Zone (DEDZ) in Shandong, China, with a 30-year concession agreement with the Committee of the Zone. Construction of the 30,000 tpd plant was completed in Sep 2013 and is currently undergoing its pilot run which commenced in May this year. CNA plans to retain at least a 40% stake in the spin-off company. The company is loss-making and valued at 0.68x P/B.