China Everbright unit wins 666.3m yuan bid for 65% stake in Tianjin enterprise

CHINA Everbright's indirect wholly owned subsidiary has won a public bid for the purchase of a 65 per cent equity interest in water treatment firm Tianjin Binhai New Area Huantang Sewage Treatment. The consideration for the purchase is 666.3 million yuan (S$136.4 million).

Tianjin Binhai New Area Huantang Sewage Treatment is a wholly state-owned enterprise. The projects it owns have an aggregate daily water treatment capacity of 220,000 tonnes.

Its Beijing wastewater treatment plant, including a phase one project and an upgrading project, has a daily wastewater treatment capacity of 150,000 tonnes.

Its Beitang reusable water plant - including a reusable water project and water supply pipeline network 49 km in length - has a daily reusable water supply capacity of 45,000 tonnes.

The Gangdong wastewater treatment plant - including a phase one project, phase one upgrading project and phase two expansion project under construction - has a daily wastewater treatment capacity of 25,000 tonnes.

China Everbright said the potential transaction will expand its presence and influence in Tianjin. It also provides a solid foundation for further wastewater treatment projects to be undertaken in the municipality and the surrounding regions, the group said in a bourse filing on Sunday.

GET BT IN YOUR INBOX DAILY

Start and end each day with the latest news stories and analyses delivered straight to your inbox.

Sign UpVIEW ALL

China Everbright's unit, Beijing Everbright Water Investment Management, will enter into a transfer agreement with the company's sole shareholder, Tianjin Binhai Environmental Protection Asset Development.

The shareholder is principally engaged in - among other things - the construction of infrastructure for environmental protection industrial parks, household waste-to-energy and wastewater treatment.

Shares in China Everbright ended trading flat at 22.5 Singapore cents on Friday.