SIIC Env buying stake in Shanghai company

SIIC Environment Holdings is buying a 50 per cent stake in Shanghai Pucheng Thermal Power Energy for 530 million yuan (S$108.2 million).

The deal announced yesterday marks the mainboard-listed water treatment and environmental protection company's first foray into Shanghai's waste-to-energy sector.

The acquisition would help to nearly double SIIC Environment's waste processing design capacity to over 2,000 tonnes per day, up from 1,100 tonnes currently, said the company's executive chairman Zhou Jun.