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SIIC acquires two water treatment plans in Dalian for 205 million yuan

SIIC Environment Holdings has agreed to buy two water treatment plans in Dalian city in China for 205.48 million yuan (S$41.92 million).

The group, through its 75.5 per cent owned subsidiary, SIIC Environment Holdings (Weifang) Co Ltd, will buy 52 per cent interest of Dalian Ziguang Water Treatment Co Ltd (DLZG) from Thunip Corp Ltd, and the balance stake from a certain Zhang Li. It will pay 108.48 million yuan for this transaction.

DLZG, a project company incorporated in Sept 2003, is in charge of the Tiger Beach Water Treatment Project in Dalian city in Liaoning province, China.

The project is currently being expanded in capacity from 80,000 tonnes a day to 90,000 tonnes a day, and upgraded from grade 1B to grade 1A.

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The group also on Nov 30 entered into a separate agreement to acquire 55 per cent of Dalian Ziguang Lingshui Waste Water Treatment Co (DLZG-LS) from Thunip, and the remaining 45 per cent from Times International Industries Limited, for 97 million yuan in total.

DLZG-LS is a project company for the Lingshui River Waste Water Treatment Project. It is also currently being expanded from 60,000 tonnes a day to 80,000 tonnes a day, and from grade 1B to grade 1A.