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China Jinjiang Environment renamed Zheneng Jinjiang Environment

CHINA Jinjiang Environment has changed its name to Zheneng Jinjiang Environment following China state-owned enterprise Zhejiang Energy Group's acquisition of a 29.79 per cent stake in the waste-to-energy firm in August.

The name change - to reflect Zhejiang Energy’s status as the largest controlling shareholder of the company - was approved by shareholders at an extraordinary general meeting, and took effect on Nov 25.

It does not affect the legal status of the company or any of the rights of shareholders, and existing shares of the company will continue to be traded on the Singapore Exchange, said Zheneng Jinjiang.

Zhejiang Energy is a state-owned provincial energy enterprise involved mainly in energy-related businesses, including electric power source construction, and the development, trading and transportation of petroleum, coal and natural gas. It bought the 29.79 per cent stake in Zheneng Jinjiang from Jinjiang Green Energy Limited.

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"The company’s new name reflects Zheneng Group’s (Zhejiang Energy Group) status as the largest controlling shareholder of the company, and serves to raise the company’s profile, as well as promote greater awareness of Zheneng Jinjiang Environment and its subsidiaries," said Zheneng Jinjiang.

Wei Dongliang, executive chairman of Zheneng Jinjiang Environment, said: "As a Singapore-listed company, the company will be able to leverage Zheneng Group’s strength as one of the largest state-owned enterprises in Zhejiang province to build on its strong position as one of the largest private WTE (waste-to-energy) operators in China." 

He added: "While maintaining its independence, the company will take advantage of the institutional strengths from the cooperation between state-owned capital and private capital, focus on the WTE business, reinforce its internal processes and upgrade its brand image."

Zheneng Jinjiang had made changes to its board of directors and executive officers in September following the stake acquisition.

Its shares were unchanged at S$0.60 as at 1.23pm.