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Citic Envirotech acquires Chengdu engineering firm for 45m yuan

CITIC Envirotech has acquired an engineering and construction company in Chengdu for 45 million yuan (S$9.28 million)

The firm, Sichuan Zhongyu Environment Management, holds Grade 1 professional licences for engineering and construction works, including municipal engineering and construction, fire safety, waterproofing, foundation building, and river and lake restoration construction.

The Grade 1 qualification is awarded by the Chinese government to engineering contractors for excellence in engineering expertise, said Citic Envirotech.

The extensive engineering qualifications that Zhongyu Environment holds will equip Citic Envirotech with the necessary licences to undertake civil and construction works for its projects. They will also allow it to bid for large-scale EPC (engineering, procurement and construction) projects in the environmental protection sector, it added.

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The acquisition will be funded from a mix of bank financing and the proceeds of the issuance of US$180 million senior perpetual securities, part of its US$750 million multicurrency perpetual securities issuance programme.