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HONG KONG, July 3, 2015 - (ACN Newswire) - CT Environmental Group Limited ("CTEG" or the "Company"; stock code: 1363) and its subsidiaries (the "Group"), a provider of one-stop centralized and customized wastewater treatment services, industrial water supply services and sludge treatment services in China, today announced that Guangzhou Xintao Wastewater Treatment Company Limited ("Guangzhou Xintao"), a wholly-owned subsidiary of the Company, entered into an acquisition agreement with Guangzhou To Kee Enterprises Development Group Limited ("Guangzhou To Kee") to acquire 100% equity interest of Guangdong Longtao Recycling Development Company Limited ("Guangdong Longtao") at the consideration of RMB10 million (equivalent to approximately HK$12.67 million), which shall be payable in cash.
Guangdong Longtao is principally engaged in the transportation, channeling and incineration for power generation of urban waste. Being one of the contractors of the "Guangdong Longmen Longtao Recycling Economic and Industrial Base" (the "Base"), the Company believes that Guangdong Longtao owns a large scale of treatment capacity of hazardous wastes and comprehensive categories of recycling wastes. The Base is expected to become a multi-purpose eco-industrial base integrating comprehensive waste resources utilization, energy recycling and utilization. Guangdong Longtao has also entered into a BOT agreement with Longmen county government, pursuant to which the target company can invest and operate a seamless project on innocuous treatment for urban waste in Longmen.
The acquisition could enable the Group to expand its treatment scale in respect of hazardous wastes treatment services and expand the businesses of treatment of hazardous wastes and achieve a synergy with the business within the Group so as to enhance the competitive ability of the Group.
Contact:
Strategic Financial Relations (China) Limited
Ms. Karen Hung Tel: (852) 2864 4845 Email: karen.hung@sprg.com.hk
Ms. Janice Au Tel: (852) 2864 4874 Email: janice.au@sprg.com.hk
Topic: Press release summary
Source: CT Environmental Group Limited
Sectors: Daily Finance
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From the Asia Corporate News Network
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