United Envirotech joins 1.5b yuan project

UNITED Envirotech has agreed to take a 49 per cent stake in a joint venture to carry out an initial 1.5 billion yuan (S$300 million) worth of projects in western China.

The joint venture with Chengdu Xingrong Invesstment Co will have a start-up capital of 50 million yuan.

The two partners will provide engineering, procurement and construction using United Envirotech's membrane technology and products. United Envirotech estimates that the first block of projects, which will start immediately and be completed by the end of 2015, will use about 300 million yuan of its Memstar membrane products.

United Envirotech shares closed at S$1.33 on Friday, lower by 0.4 per cent or half a cent, before the deal was announced.