Tritech subsidiary signs agreement for 727m yuan project in China

TRITECH Group's wholly-owned subsidiary Tritech Environmental Group has signed a partnership agreement for a project worth 727 million yuan (S$146.7 million).

The project involves the construction, upgrading and expansion of a sewage treatment plant and associated sewage pipe networks. It was awarded by an authority in Laifeng county, Hubei province in China.

The project will be undertaken by a joint company to be incorporated by Tritech Environment with a 51 per cent stake, and government-owned entity Laifeng Country Urban Development and Investment with a 49 per cent stake. The paid-up capital will be about 189 million yuan.

The project's estimated investment amount includes the construction investment of about 631 million yuan and sewer infrastructure assets of about 96 million yuan, to be transferred to the project company.

The construction period is three years, with a construction-operation-transfer period of 30 years, including the three-year construction period.