Industry Press Releases

CTEG Completes the Subscription Agreement with GIC

Tuesday, Feb 24, 2015
Pressreleases

CT Environmental Group Limited, a provider of one-stop centralized and customized wastewater treatment services, industrial water supply services and sludge treatment services in China, has announced that pursuant to the subscription agreement announcement issued on 20 January 2015, all the conditions precedent have been fulfilled and the shares have been allotted and issued to GIC.

As at 23 February 2015, CTEG has successfully allotted and issued 87,115,959 shares to GIC, representing approximately 5.7% of the enlarged share capital of CTEG, at the subscription price of HK$7.12 per share. Net proceeds of approximately HK$613.9 million have been received by CTEG. The net proceeds are to be used to fund the acquisition of Guangzhou Luyou Industrial Waste Reclamation Treatment Company Limited  which is principally engaged in the recycling, disposal and utilization of industrial waste (including dangerous waste), domestic waste and solid waste, as well as other potential mergers and acquisitions and as general working capital.

Mr. Tsui Cham To, Chairman of CTEG, said, "The completion of this share subscription has successfully strengthened our shareholder profile and enhanced the financial position of CTEG, and we are pleased to have GIC as one of our shareholders. Meanwhile, our industrial wastewater and solid waste business are also to be enhanced with the net proceeds raised. CTEG will continue to explore opportunities to accelerate its business development amidst the favorable industry environment, in order to maintain its leading industry position."

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 has treatment facilities in Guangdong and Hunan provinces, and is building a new facility in Sichuan province. These facilities currently have daily aggregate constructed capacities of 545,000m³ for wastewater treatment and 180,000m³ for industrial water supply. Projects under construction or in the pipeline have total designed daily capacities of 385,000m³ for wastewater treatment and 100,000m³ 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 currently have an annual aggregate capacity of 1,130,000 tonnes for sludge treatment. The Group's capacity of sludge treatment ranks first in Guangdong Province. On March 6, 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 30 May 2014, CTEG has been included as a constituent of Morgan Stanley Capital International ("MSCI") China Small Cap Index.

 

Source : http://finance.yahoo.com/

Other Press Releases