Both companies have not yet signed the equity transfer agreement, and will be entering into the formal agreement once they have negotiated the terms, including the timing and manner of payment and conditions pertaining to the potential transaction.
China Everbright Water’s indirect wholly-owned subsidiary, Beijing Everbright Water Investment Management, has successfully won the bidding in the public tendering held by Tianjin Property Rights Exchange to purchase a 65% stake in Tianjin Binhai New Area Huantang Sewage Treatment for RMB666.3 million ($136.3 million).
On Jan 10, Beijing Everbright says it has been recognised as the transferee of the 65% equity interest.
