Singapore's SembCorp in $16 mln China water venture
SINGAPORE, March 29 (Reuters) - Singapore conglomerate Sembcorp Industries Ltd (SCIL.SI: Quote, Profile, Research, Stock Buzz) said it had entered a 112 million yuan ($16 million) joint venture to build and run an industrial water recycling facility in China's Jiangsu Province. Sembcorp will take an 80 percent stake in the joint venture company, Zhangjiagang Free Trade Zone Sembcorp Water Recycling Co, while the remainder will be held by Zhangbao Industries Co, an investment arm of the Zhangjiagang city government.
The facility, to be completed in the first half of next year, will be Sembcorp's third water management project in Zhangjiagang.
It will supply recycled water, including demineralised water, to industries in the Zhangjiagang Free Trade Zone.
SembCorp said it expects to fund the joint venture through a mixture of equity and a commercial loan.
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