FFWD.L Regulatory News (FFWD)

6 Feb 2007 11:02

London Asia Chinese Private Equity06 February 2007 6 February 2007 London Asia Chinese Private Equity Fund Limited ("LACPEF" or "the Fund") Investee Company Update United Envirotech LACPEF announces that Singapore listed investee company United Envirotech ("UEL") has won a major contract to supply China's largest offshore oil producer, theChina National Offshore Oil Corporation ("CNOOC"), with its waste watertreatment technology in an Engineering, Procurement and Construction ("EPC")contract worth RMB 130m (£8.5m). The contract further cements UEL's leading position in its niche market, withUEL beating 24 international competitors in the tendering and selection process. The contract will implement UEL's Membrane Bio-Reactor ("MBR") technology inCNOOC's £1.8 billion Huizhou Refinery Project, scheduled to begin operation inJanuary 2008. The Huizhou Refinery Project, east of Guangzhou, is a landmark project in China,including the largest Sino-foreign joint investment project, the US$4.35 billionCNOOC-Shell Project. It is CNOOC's first refinery project, with an annual crudeoil processing capacity of 12 megatons. Dr Lin Yucheng, Chief Executive of United Envirotech said: "This project is asignificant milestone for UEL. UEL is a pioneer in using MBR for petrochemicalwastewater treatment in Asia. We have also signed a Memorandum of Intent withCNOOC to provide operation and maintenance service to the MBR plant upon itscompletion. This will be a very good business model to garner continuous incomestreams for the Company without requiring outlay of capital. The demand is thereas more and more of our customers are outsourcing their non-core business tospecialists like us. Our technological advantage and established track recordin treating petrochemical wastewater have put us as a forerunner in the highermargin industrial wastewater treatment market." China Solar Energy Co., Ltd. ("China Solar") Investee company China Solar has agreed the sale of its existing development atthe Xiedao Holiday Resort in Beijing ("Xiedao Project"), and signed twoagreements to construct new solar powered developments. The Xiedao Project is believed to be one of the largest solar thermal buildingsin the world, integrating a range of sea themed leisure activities, including anaquarium, tropical swimming pool, fish breeding centre, floating tanks andrestaurants in one complex. The water temperature, as well as all heating andcooling, is provided and regulated using the Company's patented solartechnology. The Xiedao resort is visited by an estimated 1.6 million visitorseach year. At the United Nations Industrial Development Organization ("UNIDO") seminar ondevelopment and application of solar energy in developing countries held inLanzhou, capital of Gansu Province in Northwest China, which attractedrepresentatives from businesses and research centres from over 40 countries,China Solar signed an agreement for the development of the UNIDO InternationalSolar Energy Research & Development Center ("the Center"). Under the agreementwith UNIDO and the Gansu Natural Energy Institute ("GNEI"), China Solar willprovide the technology for the Center, invest up to £2 million to build theCenter and related hotel facilities, and have the right to use the facilities ona build, operate, transfer ("BOT") basis for 35 years. The Center aimsprimarily to promote the exchange of solar technology and enhance internationalcooperation among developing countries in the field, by providing an informationexchange platform, relevant training programs, technical consulting, Research &Development and designing new products in the solar energy and renewable energyfields. China Solar has signed an agreement with North Western Normal University tobuild a solar powered leisure centre. The centre will include a tropicalswimming pool, a public bathing area and gym as well as other leisure facilitiesincluding a restaurant. Under the terms of the agreement, China Solar has theright to manage the centre for up to 30 years with use of the facilitiesavailable to the University's swimming clubs and students. The college inLanzhou City, Gansu Province, has over 20,000 students and teachers. Mr Li Xianhang, founder and Chairman of China Solar, said: "We are delightedwith the huge success of our Xiedao Project, which was part of the tour for therecent China African summit. Proceeds from the sale of the project will be usedto fund the new projects, which will provide a recurring, long term incomestream for the company." Simon Littlewood, Fund Executive Director, said: "Over 60% of the Fund isinvested in the Energy & Environment sector, which is booming in China as theGovernment seeks to reduce the environmental impact of continued growth, improveresource usage efficiency and reduce the dependence on imported fossil fuels.There is considerable potential to expand the businesses we have invested in,and we are working with them to identify appropriate funding sources." For further information please visit www.londonasiafunds.com or contact: John West/Matt Ridsdale Simon Littlewood Hugh FieldTavistock Communications London Asia Capital Collins Stewart LimitedTel: 020 7920 3150 Tel 020 7355 7928 Tel: 020 7523 8000 About United Envirotech United Envirotech Ltd is a Singapore Main Board listed environmental solutionprovider focused on the water and wastewater treatment sector, primarily tolarge industrial parks and petrochemical companies, including Petrochina andSinopec. The Company has established itself as one of the leading one-stop environmentalsolution providers to the industrial waste water sector, with a particulargeographical focus in China. As well as its core focus of industrial parks andthe petrochemical sector, its membrane systems have also been used in thepharmaceutical, food and beverage and textile and dye industries. The Companygenerates revenues through the ownership of BOT and transfer operate transfer ("TOT") projects in China, as well as consulting and other services. About China Solar Energy China Solar's core business is the design and manufacture of solar energybuildings in China, based on its patented solar thermal technology. The Companydesigns and constructs large scale municipal, commercial, academic and leisurebuildings on a BOT basis, incorporating its own patented solar thermaltechnology. Its key customers include the Chinese Government, real estatedevelopers and resort owners. The Company has also developed an efficient, solar thermal heated and cooledhouse, designed to meet the requirements of the Chinese Governments' program forproviding affordable, energy efficient housing to the rural population, whichmakes up around 600 million of China's population. China Solar Energy Ltd is aJersey incorporated holding company with a Chinese operating businessheadquartered in Beijing. For further information, visit http://en.tianpuxianxing.com About UNIDO UNIDO is the United Nations' specialized industrial agency, mandated to promoteindustrial development and international industrial cooperation. About the Natural Energy Institute of Gansu The Natural Energy Institute of Gansu has developed more than 130 solar energytechnology applications in its 30-year history. It has also established aninformation network for the exchange of solar energy technology, conductedrelevant cooperation with organizations from more than 90 nations, and supportedthe training of over 500 solar energy technicians and managerial personnel for76 developing countries. This information is provided by RNS The company news service from the London Stock Exchange