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Overview

ICBC provides a €23.292 million EUR loan to Shanghai Safbon Water Service to facilitate its acquisition of KWI Corporate Verwaltungs GmbH

Commitments (Constant USD, 2023)$28,097,409
Commitment Year•2016Country of Activity•AustriaDirect Recipient Country of Incorporation•China (People's Republic of)Sector•Water Supply And SanitationFlow Type•Loan

Status

Project lifecycle

Completion

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Jan 1, 2016
Start (actual)
Apr 6, 2016
End (actual)
Apr 6, 2016

Geospatial footprint

Map overview

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The loan supported the acquisition of KWI Corporate Verwaltungs GmbH, which is headquartered at Auengasse 8, Ferlach, Austria 9170. More detailed locational information can be found at: https://www.openstreetmap.org/node/5246474868

Stakeholders

Organizations involved in projects and activities supported by financial and in-kind transfers from Chinese government and state-owned entities

Ultimate beneficial owners

At least 25% Chinese ownership

Funding agencies

State-owned Commercial Banks

  • Industrial and Commercial Bank of China (ICBC)

Receiving agencies

Private Sector

  • Shanghai Safbon Water Service Co., Ltd.

Loan desecription

ICBC provides a €23.292 million EUR loan to Shanghai Safbon Water Service to facilitate its acquisition of KWI Corporate Verwaltungs GmbH

Interest type•Unknown

Narrative

Full Description

Project narrative

In 2016, the Shanghai Qingpu Branch of the Industrial and Commercial Bank of China (ICBC) issued a €23.292 million EUR loan to Shanghai Safbon Water Service Co., Ltd. — a Chinese industrial and municipal water treatment manufacturer and service provider listed on the Shenzhen Stock Exchange — to facilitate its acquisition of KWI Corporate Verwaltungs GmbH, a Ferlach, Austria-based water and waste-water treatment services holding company, from vendor KWI Group for a consideration of €38.82 million EUR ($42.18 million USD). ICBC's contribution accounted for 60% the funds used by Shanghai Safbon for the acquisition; the other 40% (€15.528 million EUR) was from shareholder loans. KWI Corporate had reported total assets of €11.83 million EUR and stockholders' equity of €7.44 million EUR as of December 31, 2014. It reported revenues of €22.02 million EUR and net profit of €3.53 million EUR for the year ended 2014. The acquisition was signed on November 5, 2015. The acquisition was completed on April 6, 2016.