24 Jul 2014
Everbright International to Acquire All Stakes in Qingdao Project Owned by Veolia24 July 2014, Hong Kong – China Everbright International Limited ("Everbright International" or the "Group") (HKSE: 00257) announces that China Everbright Water Investments Limited ("Everbright Water"), a wholly-owned subsidiary of the Group, has entered into agreements to acquire a 78% equity interest in Qingdao Veolia Water Operating Company Limited ("Qingdao Veolia") and a 40% equity interest in EB-VW HK Holding Company Limited ("EB-VW") from Veolia Water S.A. ("Veolia"), a French company, for a total consideration of RMB92 million. After the completion of the acquisition, Everbright Water will hold a 99% equity interest in Qingdao Veolia and wholly own EB-VW. EB-VW will hold a 60% equity interest in Qingdao EB-VW Waste Water Treatment Co. Ltd ("Qingdao EB-VW").
Qingdao EB-VW and Qingdao Veolia are mainly responsible for the management and operation of the Qingdao Waste Water Treatment Project (Haibohe and Maidao Plants) ("Qingdao Project"). After the acquisition, the daily waste water treatment capacity of Qingdao Project will increase to 300,000 m3. Qingdao Project will be mainly managed by Everbright International and its management and operation efficiency will be further improved.
Mr. Chen Xiaoping, CEO of Everbright International, said, "Qingdao Project is Everbright International's first project in the waste water treatment industry and a pilot project for us to develop the Shandong market. Over the past ten years, the Group has adhered to the operating philosophy of "Integrity, Pragmatism, Efficiency and Innovation", and made great efforts to cooperate with Qingdao Municipal Government to improve the water quality in Qingdao. The achievements of Qingdao Project have been recognized by the city and the Maidao Plant was an ancillary project for supporting the Beijing 2008 Olympic Regatta. Following the acquisition, Everbright International will lead the management of Qingdao Project, which is expected to further improve its operating efficiency, increase profits, lower operation costs and ensure promising returns for our shareholders."