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| Tuesday, 3 June 2014, 09:40 HKT/SGT | |
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HONG KONG, June 3, 2014 - (ACN Newswire) - Sound Global Ltd. ("Sound Global", or the "Company"; Stock Code: 00967.HK) is pleased to announce that it has entered into an equity transfer agreement with Sound Group Limited("Sound Group"), whereby the Company has agreed to purchase 97.8% equity interest in Tongliao Sound Water Co., Ltd.("Tongliao Sound Water") at a consideration of approximately RMB192.43million.
The Company has also entered into another equity transfer agreement with an independent third party for the sale and purchase of the remaining 2.2% equity interest in Tongliao Sound Water. Upon completion of the acquisitions as contemplated under the aforesaid agreements, Tongliao Sound Water will become a wholly-owned subsidiary of the Company..
Tongliao Sound Water is currently running a BOT project for the sewage and reclaimed water treatment plant at Tongliao City. The sewage treatment capacity is 100,000 tonnes per day and reclaimed water treatment capacity is 20,000 tonnes per day, the plant is in operation.
Sound Group and its subsidiaries are involved in the investment and operations of environmental protection projects, including water, wastewater and solid waste treatment plants.
Mr. Wen Yibo, Chairman of the Company commented, "The Company has been actively seeking out projects with relatively good return, development potential and controllable risk in order to maximize the return of our shareholders. This acquisition is in line with the development strategy of the Company to focus on and expand its existing business, allows the Company to increase its water treatment capacity and further reinforce its leading position in the water industry. Sound Global has laid a strong foundation over the past few years with our integrated competitive advantages in technology know-how, management expertise and complete supply chain. With such comprehensive advantages, we have positioned ourselves to capture any opportunities which may arise for further expansion and growth."
About Sound Global Ltd.
Sound Global is the leading one-stop integrated water and wastewater treatment solutions providers in the PRC. The Company offers services covering the full value chain of the water and wastewater treatment industry - from the design and construction of water and wastewater treatment facilities, to the operation and maintenance of water and wastewater treatment facilities and the manufacture of water and wastewater treatment equipment. With advantages in technology, capital, management and whole industry chain, Sound Global has earned a high reputation within the water industry for its excellence since its founding. The Company has very extensive business networks covering all major provinces in PRC. On top of coverage in domestic market, sound global has also penetrated into overseas market in 2009 and continued expanding its business presence internationally. Sound Global is the first Chinese water enterprise that successfully won the bid for the overseas water project.
The Company places significant emphasis on its in-house design capability and the innovative adaptation and application of technologies to offer customized, cost-effective and practical solutions for the diverse challenges presented by the treatment of municipal and industrial water and wastewater. With strong R&D and technical capacity, Sound Global could provide wastewater treatment solution for all major industries, particularly coking, metallurgy and petrochemical industries who demand highly sophisticated wastewater treatment technologies.
In 2011, Sound Global expanded into the markets of environmental management in China's suburban-rural areas. Sound Global engineered a new program -- the "Sound Global SMART(1) Solution for wastewater treatment in Small Townships". This program was implemented in 18 bundled wastewater treatment projects in Changsha County of Hunan Province. This integrated wastewater treatment programs, developed by Sound Global, established successful models for wastewater treatment in suburban-rural areas of China.
(1)Small & Skillful, Multiple & Modular, Active & Automatic, Rapid and Technologic
Topic: Press release summary
Sectors: Daily Finance, Daily News
https://www.acnnewswire.com
From the Asia Corporate News Network
Copyright © 2024 ACN Newswire. All rights reserved. A division of Asia Corporate News Network.
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