SINGAPORE (Feb 18): CITIC Envirotech has secured a RMB 474 million ($95 million) hazardous industrial waste treatment project in Linfen City, Shanxi Province, China.

The project involves the design, construction and operation of a 30,000 tons/year industrial hazardous waste treatment plant, a 30,000 tons/year incineration plant and a 60,000 tons/year landfill.

The proposed hazardous waste treatment facility is in the Yaodu District Industrial Park and will occupy a land area of 215,000 sqm.

A project company, Novo Envirotech (Linfen) Co, will be formed by CITIC Envirotech and Shandong Zhengtian Environmental Technology Co with shareholdings of 80% and 20% respectively to invest in this project.

Shandong Zhengtian is a company engaged in air pollution prevention, heavy metal sewage treatment and solid waste treatment. The paid-up capital for the project company is RMB 90 million.

The project will commence immediately and is targeted to be completed in 18 months.

The capital injection of the above investment is from internal resources and bank financing.

The above investment has no material effect on the net tangible assets per share or earnings per share of the company for the financial year ending Dec 31.

None of the directors or controlling shareholders of the company has an interest, direct or indirect in the above project.

Shares in CITIC Envirotech closed 1 cent lower at 45 cents on Monday.