Investment holding company CITIC Envirotech on Tuesday said it won its largest ever project of 4.6 billion yuan (about S$944.7 million) in China.
The project consists of a Public-Private-Partnership for wastewater treatment and an engineering procurement and construction project for land remediation, the company said in a regulatory filing.
The wastewater treatment project involves the investment, upgrading and expansion of an existing conventional wastewater treatment plant into an underground wastewater treatment plant, using company's proprietary membrane bioreactor technology.
The treated water will then be discharged into an upstream tributary of Yellow River, bringing it a step forward in the environmental initiative by the Chinese government to improve the water quality of the famous river, CITIC Envirotech said.
The project will commence immediately and is expected to be completed within 2 years.
The project, which will be funded from internal resources and bank financing, is expected to contribute positively to the company's revenue, CITIC Envirotech said in a statement.
The above project has no material effect on the net tangible assets per share or earnings per share of the company for the financial year ending 31 December 2017.
Shares in CITIC Envirotech ended unchanged at S$0.77 on the Singapore Exchange on Tuesday.
