United Envirotech announced that its subsidiary in China, NOVO Envirotech has secured a RMB 30m contract to supply Membrane Bio-reactor MBR system for the Phase II of MBR wastewater treatment plant at Taixing Chemical Industrial Park located at Jiangsu Province. We understand there is a pick up in the demand for MBR application for industrial park wastewater treatment to replace the conventional biological treatment processes due to proven efficiency and effectiveness of the MBR processes.
According to mtm, the project will commence immediately and is expected to complete within FY2011. It is expected to contribute positively to the group's revenue for FY 2011. The stock is trading at 8x FY11 and 6.1x FY12 P/E (Mar YE). United Env is currently seeking for TDR listing. The proposed issue size will constitute approx 10% of the existing issued share capital.
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