KKR Gets UEL Board Seats

Kohlberg Kravis Roberts has three board seats in Singapore-listed Chinese water treatment firm United Envirotech (UEL) following its investment in the firm, UEL said on Wednesday to Reuters.

(Reuters) – Kohlberg Kravis Roberts has three board seats in Singapore-listed Chinese water treatment firm United Envirotech (UEL) following its investment in the firm, UEL said on Wednesday.

David Liu, KKR’s chief executive of greater China, Julian Wolhardt, a member of KKR focusing on private equity transactions in the region, and Zhao Fu, a senior principal, have been appointed to the board of directors at UEL, the company said in a statement.

KKR agreed in August to invest $113.8 million in convertible bonds of UEL, as the U.S. private equity fund seeks to tap the mainland’s fast-growing water treatment industry.

If the bond is fully converted, KKR will be UEL’s largest shareholder with a 38.4 percent stake on a fully diluted basis. The bond, completed on October 4, offers a 2.5 percent coupon and can be converted into equity shares at S$0.45 each at the end of a five-year tenure. (Reporting by Stephen Aldred and Charmian Kok)