Citic Envirotech secures 20b yuan for five years to fund water, environmental projects

CITIC Envirotech has secured credit facilities of up to 20 billion yuan (S$4.07 billion) for five years from China Merchants Bank to finance projects in the water and environmental sectors, the group announced in a Singapore Exchange filing on Monday.

The credit facilities will support the integrated environmental solutions provider in financing new projects in water treatment, river restoration, sludge and hazardous waste treatment, and public-private partnership projects in the environmental industry.

Citic Envirotech, which provides solutions based on membrane technology, has recently reported a two-fold increase in its full-year net profit after tax of S$102 million, as its revenue saw a 62.1 per cent spike to S$544.6 million.

The group said: "Looking ahead in 2017, the group is confident that it is well-equipped to capture the extensive opportunities available in the water and environmental sector to secure large-scale and rewarding contracts to significantly boost the company's financial performance."