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09-05-2018, 05:57 PM
CITIC Envirotech Secured RMB 720 Million PPP Project In Yunfu City, Guangdong Province, China
CITIC Envirotech Ltd. ("CEL") announced that the Company has secured a RMB 720 million Public-PrivatePartnership (“PPP”) project in Yunfu City, Guangdong Province. The project involves the design, construction and operation of four wastewater treatment plants, approximately 600 wastewater treatment stations and wastewater collection piping networks covering more than 80% of the villages in the Yunfu region, as well as the construction of 35 new villages.
Backed by the Chinese government, this project is part of Guangdong Province's thirteenth five-year environmental protection plan to develop and beautify the villages and townships in Yunfu City by 2020. It is the first environmental protection PPP project in the region and has strong governmental policy and financial support.
A project company will be formed to undertake the PPP project with CEL owning 88% of the shareholding, while the local government owns the remainder.
Construction will commence in September 2018 and is scheduled to be completed by August 2020. The project comes with a service concession of 28 years with minimum guaranteed and fixed revenue.
The capital injection of the above investments is from the proceeds of the recent share placement of S$70 million in the capital of the Company and bank financing.
The above investments have no material effect on the net tangible assets per share or earnings per share of the Company for the financial year ending 31 December 2018.
CITIC Envirotech Ltd. ("CEL") announced that the Company has secured a RMB 720 million Public-PrivatePartnership (“PPP”) project in Yunfu City, Guangdong Province. The project involves the design, construction and operation of four wastewater treatment plants, approximately 600 wastewater treatment stations and wastewater collection piping networks covering more than 80% of the villages in the Yunfu region, as well as the construction of 35 new villages.
Backed by the Chinese government, this project is part of Guangdong Province's thirteenth five-year environmental protection plan to develop and beautify the villages and townships in Yunfu City by 2020. It is the first environmental protection PPP project in the region and has strong governmental policy and financial support.
A project company will be formed to undertake the PPP project with CEL owning 88% of the shareholding, while the local government owns the remainder.
Construction will commence in September 2018 and is scheduled to be completed by August 2020. The project comes with a service concession of 28 years with minimum guaranteed and fixed revenue.
The capital injection of the above investments is from the proceeds of the recent share placement of S$70 million in the capital of the Company and bank financing.
The above investments have no material effect on the net tangible assets per share or earnings per share of the Company for the financial year ending 31 December 2018.
Specuvestor: Asset - Business - Structure.