Investment in a BOT Industrial Wastewater Project Zhejiang Province
The Company incorporated a project company, Taizhou Kaidi Wastewater Treatment Co., Ltd. (“Taizhou Kaidi”) to build the wastewater treatment project in the Zhejiang Pharmaceutical Park (the “Pharmaceutical Park”) located within Linghai City.
Taizhou Kaidi has a registered capital of RMB40 million. With an investment of RMB32 million, the Company has an 80% stake in Taizhou Kaidi.
The Project Company will build, operate and transfer a water treatment plant with an ultimate treatment capacity of 50,000 tones of industrial wastewater per day. The plant will be developed in three phases with the first phase having a capacity of 12,500 tones, followed by an additional 12,500 tones in the second phase and the remaining 25,000 tones in the third phase. The first phase, estimated to cost RMB80 million, is expected to be completed by June 2007. The aggregated cost of constructing the three phases is expected to be RMB150million.
In addition, this project has also obtained the “operational and wastewater treatment service rights” issued by the municipal government of Linghai City, which will allow the operation of the water plant for a period of 20 years.
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