China Everbright Water Limited, an environmental protection company focusing on water environment management is pleased to announce that the Company has entered into an equity transfer agreement, a supplementary agreement to the equity transfer agreement, and a cooperation agreement with Tianjin Binhai Environmental Protection Asset Development Co., Ltd. through the Company's indirect wholly-owned subsidiary, Beijing Everbright Water Investment Management Co., Ltd.
Pursuant to the relevant agreements, Everbright Water purchases 65% equity interest in Tianjin Binhai New Area Huantang Sewage Treatment Co., Ltd., for a consideration of approximately RMB666 million (US$102.75 million).
Huantang Company is currently a wholly state-owned enterprise. Upon completion of the Transaction, it will be converted into a mixed-ownership enterprise. As a major water treatment enterprise in the Binhai New Area of Tianjin Municipality, Huantang Company's main business scope includes wastewater treatment and recycling; pipeline engineering; municipal engineering; construction, management, operation, technical consultation, and ancillary services of wastewater treatment and reusable water facilities; research and development and operation of environmental protection technologies and environmental protection products; utilization and operation of renewable resources; sludge dewatering treatment and its application.
Huantang Company currently has two wastewater treatment projects and one reusable water project, with an aggregate designed daily water treatment capacity of 220,000 m3 and a pipeline network of 49km in length.