Company Update
From September 2019, the company has obtained the following waste incineration power generation projects: 1. On September 10, Canvest Kewei Environmental Investment (Guangdong) Company Limited, a wholly-owned subsidiary of the company, was awarded the concession right in relation to the waste-to-energy process plant concession project located in Wuchang City, Harbin City, Heilongjiang Province, the total daily solid waste processing capacity of the Wuchang WTE Plant shall be 600 tonnes. 2. On November 26, Kewei acquired the entire equity interest of Zhongshan Guangye at a total consideration of RMB340 million. Zhongshan Guangye owns the concession right to operate the Zhongshan WTE Plant in Zhongshan, Guangdong. The daily municipal solid waste processing capacity of the Zhongshan WTE Plant is 1,040 tonnes. In 2018, the revenue of Zhongshan Guangye was RMB 98.31 million, profit after income tax was RMB 5.9 million, net asset value as at 31 December 2018 was RMB 210 million. The company expects that the acquisition will help business development in the Guangdong-Hong Kong-Macao Greater Bay Area. 3. On December 6, Kewei was awarded the concession right in relation to the circular economy industrial park phase I of waste-to-energy process plant and kitchen waste treatment public-private-partnership (“PPP”) project located in Jingjiang City, Taizhou City, Jiangsu Province. The total daily municipal solid waste processing capacity of the Jingjiang WTE Plant shall be 1,200 tonnes. The Jingjiang WTE Plant shall be constructed in two phases, of which the Processing Capacity of phase I shall be 800 tonnes and phase II shall be 400 tonnes.