CITIC ENVIROTECH LTD. (Company Registration Number: 200306466G)
=============================================================== CITIC Envirotech Won Bid for a RMB 549 Million PPP Project in China's Liaoyang CityThe Board of Directors ('Board') of CITIC Envirotech Ltd. ('CEL' or 'Company') refers to the announcement dated 18 November 2015 titled 'CITIC Envirotech Ltd in advanced negotiation for proposed projects at not less than RMB 1 Billion' ('Proposed Projects').
The Board is pleased to announce that on 20 November 2015, the Company was awarded a Public-Private Partnership ('PPP') project in Liaoyang City, Liaoning Province, China worth approximately RMB 549 million (SGD 122 million).
The PPP project involves an investment of RMB 549 million into 4 wastewater treatment plants and/or its associated pipe network in Liaoyang City. In return, the Company is expected to enjoy a mutually agreed rate of return on the capital invested and will be granted concessions to operate and maintain ('O&M') these 4 plants. The total waste treatment capacity of the 4 plants is approximately 285,000 m3/day and the concession periods for the O&M vary between 15-20 years.
PPP mode of co-operation has gained much interest in the China water industry after the Chinese government had published 2 new PPP guidelines last year and launched various PPP projects worth RMB 1.97 trillion in water conservation, transport and environmental protection. The Liaoyang PPP project is the Company's first PPP project in China.
The capital required for the PPP project will be funded by the Company's internal resources, bank financing and proceeds from the Company's US$175 million senior perpetual securities under the US$750 million Multicurrency Perpetual Securities Issuance Programme of CEL.
The project is not expected to have any material financial impact on the net tangible assets per share and earning per share of the group for the financial year ending 31 December 2015.
None of the Directors and controlling Shareholders has any interest, direct and indirect (other than through their shareholdings in the Company) in the project.
The Company will make further announcements in relation to the Proposed Projects at the appropriate time in compliance with the requirements under the Listing Manual of the Singapore Exchange Securities Trading Limited.
Shareholders are advised to refrain from taking any action in respect of their shares in the Company which may be prejudicial to their interests, and to exercise caution when dealing in the shares of the Company.
For and on behalf of the Board
Dr Lin Yucheng
Group CEO and Executive Director 23 November 2015
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