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China Everbright Water inks agreement for 956m yuan projects in Suizhou

Tuesday, March 28, 2017 - 19:14

A CONSORTIUM led by Singapore mainboard-listed China Everbright Water Limited has entered into an agreement to embark on multiple projects worth a total of 956 million yuan (about S$193.6 million) at a prefecture-level city in central China.

The partnership agreement, inked with the Construction Bureau of the Suizhou Hi-Tech Industry Zone, involves the financing, designing, construction, operation, management and maintenance of projects in the city, said China Everbright Water in a Tuesday release after market close. Suizhou is a northern city in China's central province of Hubei.

These projects involve the landscaping of both banks of the Fuhe River for 13 years, an industrial waste water treatment plant and a related pipeline network of about 53km in Xihe county for 25 years, and the landscape and water environment restoration of Piaoshui Park for 13 years.

These projects will be undertaken by a project company created by the consortium and Suizhou High-Tech Industry Investment Co, a wholly-owned subsidiary of the Suizhou Municipal People's Government.

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The project company will, through internal resources and external financing, contribute the investment amount of 956 million yuan for the Suizhou Public-Private Partnership (PPP) project.

China Everbright Water will hold a 78.4 per cent equity stake in the company. Suizhou High-Tech will hold 20 per cent stake, and the remaining 1.6 per cent will be held by the remaining consortium members. The project company will be established with a registered capital of 260 million yuan.

"The Suizhou PPP project is expected to enhance long-term returns and value for shareholders of the company," said the release.

Shares of China Everbright Water closed higher on Tuesday by 1.09 per cent at 46.5 Singapore cents apiece.

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