C&G to sell China waste-recycling business, assets

MAINBOARD-LISTED C&G Environmental Protection Holdings is planning to sell its waste-to-energy business and assets, including concession rights and its principal operating subsidiaries in China.

In a Singapore Exchange statement issued yesterday, the Hong Kong-based investor and operator in China said it has entered into a letter of intent with a potential buyer, a company listed on a stock exchange in China. The parties are aiming for a sale-and-purchase agreement within three months from Oct 22. Details of the identity of the buyer, the entities being sold and the consideration of the proposed sale were withheld.

But the statement said that the consideration was "subject to parties' further negotiations, taking into account the valuation of the China waste-to-energy business and assets by expert valuers appointed by the buyer, and the total assets and liabilities attributable to the business and entities being sold".