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United Envirotech Ltd's Novo Envirotech (Guangzhou) Co. Ltd Announces Acquisition Of Heilongjiang Qitaihe Wanxinglong Water Co. Ltd

Wednesday, 31 Oct 2012 05:53am EDT 

United Envirotech Ltd's Novo Envirotech (Guangzhou) Co. Ltd announced that it has entered into a share transfer agreement (the Transfer Agreement) with the shareholder (the Vendor) of Heilongjiang Qitaihe Wanxinglong Water Co. Ltd for the acquisition (the Acquisition) of 80% of the total issued share capital in the Qitaihe Co (the 80% Interest).Qitaihe Co is a company incorporated in People’s Republic of China. It owns a 30-year concession to own and operate a 50,000 m3/day wastewater treatment plant and a 40,000 m3/day wastewater reclamation plant in Qitaihe City, Heilongjiang Province, China. Qitaihe wastewater treatment is already operating at full capacity and the reclamation plant is supplying a minimum of 30,000 m3/day of newater to a power plant owned by China Datang Corporation. China Datang Corporation is a stateown- enterprise and is one of the power producers in China. Pursuant to the Share Transfer Agreement, the consideration for the Acquisition shall be RMB 92 million (approximately SGD18.4 million) (the Consideration). 

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