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Citic Envirotech wins 198m-yuan project to upgrade wastewater treatment plant
CITIC Envirotech (CEL) has landed a project from the local government of Gaoyang County in China's Hebei Province to upgrade an existing industrial wastewater treatment plant for 198 million yuan (S$42 million).
The plant serves the textile and dye companies located in the largest print and dye industrial park in China, which provides over 70 per cent of China's print and dye supplies.
CEL, which acquired the Gaoyang plant in April last year, has incorporated a fully owned subsidiary known as United Envirotech Water Resource (Gaoyang) Co with a registered capital of 250 million yuan to carry out the project.
The project will start immediately and will be completed by December this year, after which CEL will enjoy an upward revision in water tariff for the plant, it said.
The capital required for the above project will be funded by proceeds from the company's US$175 million senior perpetual securities under its US$750 million multi-currency perpetual securities issuance programme.
"As an established solution provider in industrial wastewater treatment and a market leader in the membrane bioreactor technology, the company is confident that there will be more opportunities for such upgrading projects in China," CEL added.