SINGAPORE (June 18): SIIC Environment Holdings’ indirect-owned subsidiary Longjiang Environmental Protection Group Co, which it has a 58.0% stake in, has incorporated a wholly-owned subsidiary for a registered capital of RMB20 million (S$3.9 million).

The new subsidiary, named Heilongjiang Bolan Water (Bolan Water), is a company entrusted by Longjiang in specialising in O&M water projects. It will mainly focus on wastewater treatment and reclamation, as well as tap water treatment and supply. It will also serve as a trade agency.

Meanwhile, SIIC’s indirectly-owned subsidiary, Shanghai Fudan Water Engineering Technology Co, has signed and O&M agreement for the Cixi City Zhouxiang Wastewater Treatment Plant with Cixi City Drainage Co., and Cixi Zhouhang Wastewater Treatment Co. for a service fee of RMB2.09 million per six months

The contract was signed on April 14. Located in Cixi City, Zhejiang Province, the Cixi Zhouxiang Project has a total designed capacity of 40,000 tonnes per day. The O&M period shall last for six months and the discharge standard can be tailored to the customer’s requirements.

Shares in SIIC Environment closed 0.5 cents lower or 2.4% down, at 20.5 cents on Thursday.