SIIC Environment

SIIC Environment: its subsidiary, S.I. United Water has successfully won the open bidding with regard to the acquisition of a 70% stake in Shanghai Qingpu second wastewater treatment plant for consideration of Rmb126.0m. This compares with the independent valuation estimate range of Rmb 97.6m to Rmb 141.6m, and NTA and net profit of the sale equity interest of Rmb131.4m and Rmb9.04m, respectively. The purchase will be funded through a loan from SIHL Finance, a wholly owned subsidiary of Shanghai Industrial Holdings, a controlling shareholder of the company. Based on adjusted FY12 numbers, the acquisition will lift SIIC’s EPC from Rmb2.38 cts to Rmb 2.64cts.