Award Of Industrial Wastewater Concession In Jiangsu Province, China
Hyflux Ltd (the "Company") is pleased to announce that a consortium led by Hyflux Utility Ltd with a 95% stake has won the public tender for the Yangzhou Qingshan Wastewater Treatment Plant project ("Project"). Hyflux Utility Ltd is a wholly owned subsidiary of SinoSpring Utility Ltd, a 50% joint venture of the Company.
The Project involves a concession to build, own, operate and transfer a 20,000 m3/day industrial wastewater treatment plant ("Plant") for Yangzhou Chemical Industrial Park in Yangzhou city, Jiangsu province, China for 20 years from the commercial operation of the Plant. Total project cost is estimated to be RMB 70 million. Subsidiaries of the Company will be engaged in the engineering, procurement and construction as well as in the operation and maintenance of the Plant.
Commenting on this award, Ms Olivia Lum, Group CEO and President, said, "We are proud to be selected by the Yangzhou Chemical Industrial Park to undertake the Project amidst a field of international bidders. It once again confirms our competitiveness. Not only do we offer the lowest price which is just marginally below the next lowest bid, but also our design has been accepted as being robust enough to handle the difficult chemical waste stream from the industrial park."
Ms Lum added, "This Project will further strengthen our strategy to build on long term recurring revenue stream."
The Project is slated for completion by mid 2007.
By Order of the Board
Lim Kim Seng