Investee Company update
February 06 2007 - 6:02AM
UK Regulatory
RNS Number:7825Q
London Asia Chinese Private Equity
06 February 2007
6 February 2007
London Asia Chinese Private Equity Fund Limited
("LACPEF" or "the Fund")
Investee Company Update
United Envirotech
LACPEF announces that Singapore listed investee company United Envirotech ("UEL
") has won a major contract to supply China's largest offshore oil producer, the
China National Offshore Oil Corporation ("CNOOC"), with its waste water
treatment technology in an Engineering, Procurement and Construction ("EPC")
contract worth RMB 130m (#8.5m).
The contract further cements UEL's leading position in its niche market, with
UEL beating 24 international competitors in the tendering and selection process.
The contract will implement UEL's Membrane Bio-Reactor ("MBR") technology in
CNOOC's #1.8 billion Huizhou Refinery Project, scheduled to begin operation in
January 2008.
The Huizhou Refinery Project, east of Guangzhou, is a landmark project in China,
including the largest Sino-foreign joint investment project, the US$4.35 billion
CNOOC-Shell Project. It is CNOOC's first refinery project, with an annual crude
oil processing capacity of 12 megatons.
Dr Lin Yucheng, Chief Executive of United Envirotech said: "This project is a
significant milestone for UEL. UEL is a pioneer in using MBR for petrochemical
wastewater treatment in Asia. We have also signed a Memorandum of Intent with
CNOOC to provide operation and maintenance service to the MBR plant upon its
completion. This will be a very good business model to garner continuous income
streams for the Company without requiring outlay of capital. The demand is there
as more and more of our customers are outsourcing their non-core business to
specialists like us. Our technological advantage and established track record
in treating petrochemical wastewater have put us as a forerunner in the higher
margin industrial wastewater treatment market."
China Solar Energy Co., Ltd. ("China Solar")
Investee company China Solar has agreed the sale of its existing development at
the Xiedao Holiday Resort in Beijing ("Xiedao Project"), and signed two
agreements to construct new solar powered developments.
The Xiedao Project is believed to be one of the largest solar thermal buildings
in the world, integrating a range of sea themed leisure activities, including an
aquarium, tropical swimming pool, fish breeding centre, floating tanks and
restaurants in one complex. The water temperature, as well as all heating and
cooling, is provided and regulated using the Company's patented solar
technology. The Xiedao resort is visited by an estimated 1.6 million visitors
each year.
At the United Nations Industrial Development Organization ("UNIDO") seminar on
development and application of solar energy in developing countries held in
Lanzhou, capital of Gansu Province in Northwest China, which attracted
representatives from businesses and research centres from over 40 countries,
China Solar signed an agreement for the development of the UNIDO International
Solar Energy Research & Development Center ("the Center"). Under the agreement
with UNIDO and the Gansu Natural Energy Institute ("GNEI"), China Solar will
provide the technology for the Center, invest up to #2 million to build the
Center and related hotel facilities, and have the right to use the facilities on
a build, operate, transfer ("BOT") basis for 35 years. The Center aims
primarily to promote the exchange of solar technology and enhance international
cooperation among developing countries in the field, by providing an information
exchange platform, relevant training programs, technical consulting, Research &
Development and designing new products in the solar energy and renewable energy
fields.
China Solar has signed an agreement with North Western Normal University to
build a solar powered leisure centre. The centre will include a tropical
swimming pool, a public bathing area and gym as well as other leisure facilities
including a restaurant. Under the terms of the agreement, China Solar has the
right to manage the centre for up to 30 years with use of the facilities
available to the University's swimming clubs and students. The college in
Lanzhou City, Gansu Province, has over 20,000 students and teachers.
Mr Li Xianhang, founder and Chairman of China Solar, said: "We are delighted
with the huge success of our Xiedao Project, which was part of the tour for the
recent China African summit. Proceeds from the sale of the project will be used
to fund the new projects, which will provide a recurring, long term income
stream for the company."
Simon Littlewood, Fund Executive Director, said: "Over 60% of the Fund is
invested in the Energy & Environment sector, which is booming in China as the
Government seeks to reduce the environmental impact of continued growth, improve
resource usage efficiency and reduce the dependence on imported fossil fuels.
There is considerable potential to expand the businesses we have invested in,
and we are working with them to identify appropriate funding sources."
For further information please visit www.londonasiafunds.com or contact:
John West/Matt Ridsdale Simon Littlewood Hugh Field
Tavistock Communications London Asia Capital Collins Stewart Limited
Tel: 020 7920 3150 Tel 020 7355 7928 Tel: 020 7523 8000
About United Envirotech
United Envirotech Ltd is a Singapore Main Board listed environmental solution
provider focused on the water and wastewater treatment sector, primarily to
large industrial parks and petrochemical companies, including Petrochina and
Sinopec.
The Company has established itself as one of the leading one-stop environmental
solution providers to the industrial waste water sector, with a particular
geographical focus in China. As well as its core focus of industrial parks and
the petrochemical sector, its membrane systems have also been used in the
pharmaceutical, food and beverage and textile and dye industries. The Company
generates revenues through the ownership of BOT and transfer operate transfer ("
TOT") projects in China, as well as consulting and other services.
About China Solar Energy
China Solar's core business is the design and manufacture of solar energy
buildings in China, based on its patented solar thermal technology. The Company
designs and constructs large scale municipal, commercial, academic and leisure
buildings on a BOT basis, incorporating its own patented solar thermal
technology. Its key customers include the Chinese Government, real estate
developers and resort owners.
The Company has also developed an efficient, solar thermal heated and cooled
house, designed to meet the requirements of the Chinese Governments' program for
providing affordable, energy efficient housing to the rural population, which
makes up around 600 million of China's population. China Solar Energy Ltd is a
Jersey incorporated holding company with a Chinese operating business
headquartered in Beijing. For further information, visit http://
en.tianpuxianxing.com
About UNIDO
UNIDO is the United Nations' specialized industrial agency, mandated to promote
industrial development and international industrial cooperation.
About the Natural Energy Institute of Gansu
The Natural Energy Institute of Gansu has developed more than 130 solar energy
technology applications in its 30-year history. It has also established an
information network for the exchange of solar energy technology, conducted
relevant cooperation with organizations from more than 90 nations, and supported
the training of over 500 solar energy technicians and managerial personnel for
76 developing countries.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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