Citic Envirotech said on Wednesday that it planned to buy a 20 percent stake in water-treatment engineering firm Century Water Systems & Technologies for a total consideration of S$1.73 million.
Citic Envirotech will subscribe for 250,000 new shares in Century at S$6.91 each, which will be funded via internal resources, it said in a filing to SGX after the market close on Wednesday.
Century is the first candidate for Citic Envirotech’s accelerator program under its wholly owned subsidiary, Singapore Envirotech Accelerator, it said, adding that its nonfiltration (NF) and pervaporation (PV) membrane technologies complement Citic Envirotech’s existing products and technologies.
“We believe that we have found a good first candidate in Century, whose NF and PV technologies complement our own microfiltration, reverse osmosis and ultrafiltration technologies and we will work closely with Century towards commercialisation of its technology,” Hao Weibao, executive chairman and group CEO of Citic Envirotech, said in the statement.
“This partnership also paves the way for us to tap on their expertise to offer an even broader spectrum of filtration solutions for wastewater treatment as well as enable us to leverage on Century’s network in Southeast Asia and strong links to the pharmaceutical and semiconductor sectors to expand our presence in these markets and industries,” he added.
Century’s markets include Singapore, Malaysia, Indonesia, India, Myanmar and China, with customers including Philips Lumiled, Micron and Pfizer, it said.