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HONG KONG, Aug 18, 2009 - (ACN Newswire) - Interchina Holdings Company Limited ("Interchina"/"the Group") (SEHK code: 0202) announced its plan to explore investing in environmental energy, which would create a larger synergy effect with the environmental water flagship business of Interchina A-share. The Group is discussing with the leading environmental energy enterprises in the mainland for possible cooperation and it is expected to be realized within the year.
The Chairman of Interchina, Ms. Wing Man Yi said, "Internationally well-known environmental enterprises mostly cover 3 domains, including environmental water treatment, solid waste, and environmental energy. And we are eyeing to invest in environmental energy, along with focusing on the development of the environmental water treatment business. Also, the Company could enhance its development and investment opportunities via fund raising exercises in the stock market in mainland in future. Leveraging on diversified businesses and the A-share platform, we would continue to enlarge the business scale, and invest resources in developing environmental energy. We are confident to become the largest environment enterprise in the PRC."
Currently, the Company has cash on hand of approximately HK$200 million. Together with the RMB330 million from the disposal of the Changsha project approved today, the Company will be holding approximately RMB6 million cash. The management of the Company indicated that the funding is sufficient for entering into the environmental energy sector.
Furthermore, Interchina A-share plans to raise RMB1 billion through placing of new shares in the near future. The proceeds would be used for the acquisition and development of the new water treatment projects. Interchina would maintain its controlling stake in Interchina A-share. It targets at daily water processing capacity of over 1 million tonnes at the end of 2009 as well as to reach 10 million tonnes daily capacity within 3 to 5 years, becoming top 3 players in the industry.
The Chairman of Interchina A-share, Mr. Zhu Yongjun indicated, "The new money of RMB1 billion is used for funding the water treatment projects in the future. By then, we possess sufficient funds to expand the scale and invest in high return projects. Also, the upward adjustment policy in water prices provides growth impetus and benefits the long-term development of the Company. With the experience of seasoned management and the dedicated effort of the professional team, together with the sufficient development funds, we are devoted to become an outstanding total water environmental solution provider in the PRC."
Contact:
JOVIAN Financial Communications Ltd
Angel Y Y Yeung / Jacqueline Fong
Tel: +852 2581 0168
Fax: +852 2854 2012
email: angel.yeung@joviancomm.com/
email: jacqueline.fong@joviancomm.com
Topic: Corporate Announcement
Source: Interchina Holdings
Sectors: Water
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From the Asia Corporate News Network
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