Citic Envirotech said on Monday it obtained a 474 million yuan (S$94.97 million or US$70.06 million) industrial hazardous waste treatment project in Linfen City, Shanxi Province, China.
The project is for the design, construction and operation of a 30,000 ton a year hazardous waste treatment plant, a 30,000 ton a year incineration plant and a 60,000 ton a year landfill, it said in a filing to SGX after the market close on Monday.
A 80:20 owned project company, Novo Envirotech (Linfen), will be formed by Citic Envirotech and Shandong Zhengtian Environmental Technology, respectively, the filing said.
Shandong Zhengtian is mainly an air pollution prevention, heavy metal sewage treatment and solid waste treatment company, it said.
The project company will have paid up capital of 90 million yuan, it said.
The project will begin immediately and is expected to be completed in 18 months, Citic Envirotech said.