Business Daily Media

Business Marketing

CITIC Envirotech Secures RMB 134M PPP Project in China, Maoming City, Guangdong Province

  • Written by ACN Newswire
CITIC Envirotech Secures RMB 134M PPP Project in China, Maoming City, Guangdong Province
SINGAPORE, July 24, 2018 - (ACN Newswire) - The Board of Directors of CITIC Envirotech Ltd. ("CEL", SGX:CEE) wishes to announce that the Company has secured a RMB 134 million Public-Private-Partnership ("PPP") project in Maoming City, Guangdong Province, China.

The project involves the design, construction and operation of a 45,000 m3/day municipal wastewater treatment plant using Membrane Bioreactor ("MBR") technology to treat the wastewater to grade 4 surface water discharge standard.

A project company, CITIC Envirotech Water Resource (Maoming) Co., Ltd, with a registered capital of RMB 40,160,670 will be set up to undertake the project. CEL will own 70% of the project company, while the local government owns the remaining 30%.

Construction will commence immediately and is scheduled to be completed in one year. The project comes with a service concession of 30 years with guaranteed and fixed revenue as well as minimum offtake as follows:

Year 1 - 25%Year 2 - 35%Year 3 - 45%Year 4 - 55%Year 5 - 65%Year 6 - 75%Year 7 - 85%Year 8 & thereafter - 100%

The capital injection of the above investment is from the proceeds of the recent share placement of S$70 million in the capital of the Company and bank financing.

The above investment has no material effect on the net tangible assets per share or earnings per share of the Company for the financial year ending 31 December 2018.

None of the directors or controlling shareholders of the Company has an interest, direct or indirect in the above projects.

BY ORDER OF THE BOARD, 23 July 2018 : Lotus Isabella Lim Mei HuaCompany SecretaryCITIC Envirotech Ltd.Bloomberg SP:CEL, Reuters SI:CEE

Topic: Contract AwardedSectors: Environment, Const/Eng[1][2] http://www.acnnewswire.com From the Asia Corporate News Network

Copyright © 2018 ACN Newswire. All rights reserved. A division of Asia Corporate News Network.

References

  1. ^ Environment (www.acnnewswire.com)
  2. ^ Const/Eng (www.acnnewswire.com)

Read more http://www.acnnewswire.com/press-release/english/44981/

Popular

What can Aussie employers do to attract and retain talent during the skills shortage crisis?

Australian businesses have been contending with small talent pools for technology skills for years, and it’s only worsened since the pandemic. Even with international borders re-opening, Australian businesses will continue strug...

The new hybrid work model means collaborating on data is more important than ever

Work will never again be the same. According to a poll of more than 2500 Australian workers by research firm Hay, the majority of employees want remote working to stay in some capacity in a post-COVID world. This new hybr...

Akaysha Energy wins agreement to build four hour battery energy storage system

Akaysha Energy has signed a Long-Term Energy Service Agreement which will support the build and operation of a groundbreaking 415MW/1660MWh utility-grade battery energy storage system under a competitive tender from AEMO Servi...

Virtual Office
Tomorrow Business Growth