New Environmental Energy Hold. has acquired Huizhou Guanghui Energy Co Ltd
Capital Solid Green Energy Investment Ltd, a wholly-owned subsidiary of New Environmental Energy Holdings Limited, has acquired a 97.85% stake in Huizhou Guanghui Energy Company Limited, from Richway Investment Management Ltd and Huizhou Energy(s) Pte Ltd for a US$3.25 million consideration. Upon completion, Huizhou Guanghui Energy Company Limited will become an indirect non-wholly owned subsidiary of China Environmental Energy.
The transaction will benefit New Environmental Energy Holdings Limited to expand the business in the waste treatment industry in the PRC with the group's business strategy. It is expected that this acquisition will strengthen the group's business profile and allow them to capture the business opportunity under PRC government's proactive support to the waste treatment industry.
The principal asset of Huizhou Guanghui Energy Company Limited is the waste treatment plant located in Gonglian village, Huizhou city of Guangdong province in the PRC.
Oaklins' team in Hong Kong acted as Independent financial advisor to the buyer to provide fairness opinion to China Environmental Energy on the independent valuation in connection with the market value of the entire business enterprise of Huizhou Guanghui Energy Company Limited, made by Jones Lang LaSalle Corporate Appraisal and Advisory Limited.
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