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| Tuesday, 24 April 2018, 19:18 HKT/SGT | |
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SINGAPORE / HONG KONG, Apr 24, 2018 - (ACN Newswire) - China Jinjiang Environment Holding Company Limited ("Jinjiang Environment" and together with its subsidiaries, the "Group"; Stock Code: BWM), a leading waste-to-energy ("WTE") operator in the People's Republic of China ("PRC"), today announced that it has agreed to subscribe for 40,259,258 new shares in Foxx URE-BA Ambiental Ltda ("Foxx URE-BA"), a company incorporated in Brazil, for a total consideration of R$38,500,000 (equivalent to approximately S$14,939,900). This represents 51.0% of the enlarged issued and paid-up share capital in Foxx URE-BA (the "Investment"), with the remaining 49.0% held by Foxx Innova Ambiental S.A. Following the completion of the Investment, Foxx URE-BA will be a directly-held subsidiary of Jinjiang Environment.
Foxx URE-BA will construct and operate a WTE project located in Barueri, Sao Paulo, Brazil with a planned waste treatment capacity of 825 tons per day. This is the first WTE and the first PPP waste treatment project in Brazil.
The consideration for the Investment will be fully paid in cash from a combination of the Group's internal resources and project finance of R$62,000,000 provided by International Finance Corporation, which also provided consulting and financial due diligence services for Jinjiang Environment in relation to the Investment. As at 31 December 2017, according to Foxx URE-BA's unaudited and Jinjiang Environment's audited financial statements, Foxx URE-BA's net assets was R$96,289,000 (equivalent to approximately S$37,364,900), representing approximately 3.7% of the Group's net assets of RMB 4.891 billion (equivalent to approximately S$1.021 billion).
As the fifth most populous country in the world, Brazil is one of the "BRIC Five Countries" and one of the core countries of Latin America. With an annual waste output of up to 83 million tons, the market potential for waste treatment is huge, and waste generation levels and collection rates are on the rise. Currently, the main method for waste disposal in Brazil is landfilling, and there are no WTE facilities in Brazil. The Brazilian government has gradually placed restrictions on the landfilling of waste, and has encouraged the development of renewable energy in its national plan on new energy development and included WTE power generation in the promotion of new methods and technologies.
Commenting on the Investment, Ms. Wang Yuanluo, Non-Executive, Non-Independent Chairman of Jinjiang Environment, said: "The Barueri project is Brazil's first WTE project and a milestone in sustainable energy development for Brazil and Jinjiang Environment. As a leader in China's WTE industry, Jinjiang Environment has mature and strong construction, development and operational capabilities. After its successful entry into the Indian market in 2017, Jinjiang Environment has deepened its international growth footprint and replicated the Group's advanced technology and operating model in countries and regions that share similar waste characteristics with China. The Group will uphold high quality standards and efficiency levels, in order to make the Barueri project a landmark project in Brazil and Latin America, kickstart the development of the local WTE industry, raise local standards of sustainable development, and pave the way for the Group's success in Brazil and Latin America. Looking to the future, the Group will continue to take a cue from national environmental policies, leverage on its strong technical support and solid industry position, actively 'go global' in our expansion strategy and make further inroads into overseas markets in order to drive the development of the overall business, add value to the community, and create value for shareholders."
Topic: Press release summary
Sectors: Daily Finance, Environment, ESG, 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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