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C&G Environmental Protection declares special divdend after sale of businesses (Amended)

MAINBOARD-LISTED waste-to-energy company C&G Environmental Protection Holdings has declared a special dividend of 10.3 Singapore cents a share for the financial year ended 2017, after the group received the balance payment for the sale of its businesses.

The group last year agreed to sell its main operating subsidiary, C&G Environmental Protection (Thailand) Company, to New Sky Energy (Thailand) Company, for 187.7 million yuan (S$38 million). New Sky also agreed to assume and discharge, for and on behalf of C&G Thailand, all its debts as at Feb 29 last year, amounting to about 312.3 million yuan, as well as all payables arising from all uncompleted construction contracts entered into by C&G Thailand.

C&G also entered into an agreement to sell all its group companies other than C&G Thailand for HK$600 million (S$108 million) to Ahead Auto.

On Monday, C&G said it has received from Ahead Auto the balance payment of HK$344.71 million. It also received from New Sky, on the same day, the balance of 320.1 million yuan, out of a total payment of 500 million yuan.

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Amendment note: This article has been revised to reflect the correct special dividend amount of 10.3 Singapore cents, instead of 1.03 Singapore cents.