China Everbright unit takes 20% stake in new joint venture company for 1m yuan

China Everbright said that its unit Everbright Shenzhen will nominate one member to the new company's three-member board of directors.
China Everbright said that its unit Everbright Shenzhen will nominate one member to the new company's three-member board of directors.PHOTO: REUTERS

SINGAPORE - Mainboard-listed China Everbright Water on Tuesday said its wholly owned subsidiary Everbright Water (Shenzhen) Limited is taking a 20 per cent stake in a new joint venture company, Hebei Xiong'an Huashen Water Engineering Technology Limited, for one million yuan (S$210,770).

Shenzhen Water Planning and Design Institute Co, Ltd, China Water Resources Beifang Investigation, Design and Research Co Ltd and Beijing Win Fortune Technology Co, Ltd hold remaining stakes of 40 per cent, 35 per cent and 5 per cent respectively in the new China-incorporated company, which has a total capital of five million yuan.

The joint venture company's business will include research and development of hydraulic engineering technologies; planning, consultancy, management and servicing of wading engineering projects; research, development and servicing of intelligent water technology; and, research, development and servicing of urban basic spatial data technology.

China Everbright said that its unit Everbright Shenzhen will nominate one member to the new company's three-member board of directors.

The company's shares were trading at $0.43, up 0.5 cent or 1.2 per cent, at 1pm.