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SIIC Environment subsidiary acquires Chinese water firm for 95 million yuan
A subsidiary of SIIC Environment Holdings, Longjiang Environmental Protection Group, is acquiring Jiaohe Jiaxin Water for 95 million yuan (S$19.4 million).
Jiaohe Jiaxin is engaged in the business of environmental protection, wastewater treatment, technology development and technical services, among other things. It is currently undertaking a 30-year build-operate-transfer wastewater treatment project, with a design capacity of 30,000 tonnes a day.
SIIC holds 57.97 per cent of Longjiang.
The acquisition will be funded by SIIC's internal resources. It is not expected to have any material impact on the firm's net tangible assets or earnings per share for the current financial year.