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SIIC to build 3.04b yuan waste treatment project in Shanghai
MAINBOARD-LISTED SIIC Environment Holdings on Monday night said it is building a waste treatment project in Shanghai with an expected investment of around 3.04 billion yuan (S$590.1 million).
Its indirect unit Shanghai SIIC Baojin'gang Environmental Resources Technology Co had obtained approval from the Shanghai Baoshan District Development and Reform Commission to be the project company, the water treatment firm said in a regulatory update.
Called the "Baoshan Renewable Energy Utilization Center Project", the project is located in Shanghai's Baoshan district and integrates dry waste incineration and wet waste disposal in an individual facility.
It is expected to be the first innocuous domestic waste treatment facility built after the implementation of mandatory waste sorting practices in Shanghai.
The project's total designed waste treatment capacity is expected to be 3,800 tonnes per day, with 3,000 tonnes per day being solid waste incineration and 800 tonnes per day being food and kitchen waste disposal.
Out of the 3.04 billion yuan investment, 1.10 billion yuan is Baojin'gang's registered capital.
Baojin'gang is a joint venture company by SIIC Yangtze Delta Environmental Resources (Hong Kong) and Baowu Group Environmental Resources Technology Co.
While SIIC Yangtze Delta contributed 660 million yuan with a 60 per cent equity interest, Baowu Environment contributed 440 million yuan with a 40 per cent equity interest.
SIIC Yangtze Delta is a 70 per cent-owned subsidiary of SIIC Environment, while Baowu Environment is an independent third-party.
SIIC Environment shares closed at 26 Singapore cents on Monday, down 0.5 cent or 1.9 per cent.