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Interchina Watertreatment to raise RMB 1.29 bln

Aug. 6, 2012 (China Knowledge) - Heilongjiang Interchina Watertreatment Co Ltd<600187>, which is mainly engaged in water supply and drainage, sewage treatment and engineering consulting service, has announced that it plans to raise up to RMB 1.29 billion through a private placement.

The company said in a statement it intends to issue not more than 160 million shares in the deal.

The Shanghai-listed company will use RMB 495 million of the proceeds to acquire a 90% stake in Beijing TDR Environ-Tech Co Ltd, the largest landfill leachate treatment firm in China.

Heilongjiang Interchina Watertreatment earlier this year bought a 10% stake in the target firm for RMB 55 million.

Beijing TDR Environ-Tech, based in Beijing Economic-Technological Development Area, booked a net profit of RMB 56 million in 2011. At the end of last year, the company's net assets were RMB 81 million.

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