The Project is to support CTEG on the development of three industrial wastewater treatment projects in China.
The project sponsor is CTEG which is listed on the Hong Kong Stock Exchange.
The three projects to be financed by IFC are directly or indirectly held by Guangzhou Xintao Wastewater Treatment Company and Huaiji Chongto Environmental Enterprises Company Limited, both of which are wholly owned subsidiaries of CTEG incorporated in China.
The acquisition represents an achievement in the growth of CTEG
, thus it is in the interests of the Group and the shareholders as a whole.
The shares that CTEG has agreed to allot and issue to the Investor represent approximately 6.
According to the agreement, CTEG will establish an investment committee, comprising the chairman of the board; the chief executive officer; and a representative nominated by the Investor.
Looking ahead, CTEG will continue to explore business investments or other opportunities, with an aim to accelerate its business development and broaden its income stream.
Headquartered in Zengcheng city in Guangdong province, CTEG provides one-stop centralized and customized wastewater treatment and industrial water supply services.
Upon completion of the equity transaction, CTEG will be responsible for the treatment of wastewater generated from weaving, printing and dyeing activities in the industrial parks in Zengcheng.
LU Yi Li, the Executive Director and Managing Director of CTEG
and other badminton aficionados watched the games and cheer for the players.
Currently, CTEG operates four wastewater treatment plants, one industrial water supply plant and one sludge treatment plant in Guangdong province, and operates one wastewater treatment plant in Hunan Province.
In addition, with new wastewater treatment facilities commencing operation, and the second half is the traditional high season for the industry, we are confident that 2013 will be a fruitful year for CTEG.