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Citic Envirotech invests 365m yuan in two waste facilities in Guangdong

CITIC Envirotech Ltd has invested 365 million yuan (S$75.13 million) in two hazardous waste treatment facilities in Huizhou City in the Guangdong province of China.

The investment was made through the acquisition of a 51 per cent stake in two companies - Lixing Environmental Protection Co Ltd and Huilv Environmental Protection Co Ltd - for 160 million yuan. Another 205 million yuan was for the expansion of the treatment facility of Lixing EP.

Funds for these will come from bank financing and the proceeds of the issuance of US$180 million senior perpetual securities, part of its US$750 million multi-currency perpetual securities issuance programme.

The acquisition will have no material effect on the financial results of the company for the current financial year, it said.

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