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.
About CT Environmental Group Limited
Headquartered in Guangdong province, CTEG provides one-stop centralized and customized wastewater treatment and industrial water supply services. CTEG has historically focused on providing wastewater treatment and industrial water supply services to the textile industry and has subsequently extended wastewater treatment services to pulp and paper-making as well as the food and beverage industry, with future plans to expand into other industries. The Group currently operates treatment facilities in Guangdong and Hunan provinces, and is building a new facility in Sichuan province. These facilities have daily aggregate constructed capacities of 515,000 m3 for wastewater treatment and 210,000 m3 for industrial water supply. Projects under construction or in the pipeline have total designed daily capacities of 385,000 m3 for wastewater treatment and 100,000 m3 for industrial water supply. The Group is also engaged in the sludge treatment business. The sludge treatment facilities have commenced operations in the second half year of 2013, and have an daily aggregate capacity of 2,442 tonnes for sludge treatment. On 6 March 2014, CTEG was honored as a "Green Participant" in the "Hang Seng Pan Pearl River Delta Environmental Awards" jointly organized by Hong Kong Hang Seng Bank and Federation of Hong Kong Industries. Since May 30, 2014, CTEG has been included as a constituent of Morgan Stanley Capital International (MSCI) China Small Cap Index. Since 8 Sep 2014, CTEG has been included as a constituent of Hang Seng Global Composite Index (HSGCI), Hang Seng Infrastructure Index (HSII), and Hang Seng Composite Index(HSCI) series, including Hang Seng Composite Index, Hang Seng Composite Industry Index -Utilities as well as Hang Seng Composite SmallCap Index.
Source: CT Environmental Group Limited
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
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