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| Thursday, 23 October 2014, 15:30 HKT/SGT | |
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HONG KONG, Oct 23, 2014 - (ACN Newswire) - With further cooperation between two parties following the previous announcement(Note1), Sound Global Ltd. ("Sound Global", Hong Kong Stock Code: 967) and Sound Environmental Resources Co., Ltd.("Sound environmental", Shenzhen Stock Code: 826) are pleased to announce the formation of a joint venture to be named Sound(Tianjin)Financial Leasing Company Limited(Note2)(the "Joint Venture Company"). The establishment of Joint Venture Company will help companies more conveniently access to financial market, enjoy tax benefit, lower financing costs and speed up cross-border capital flow. Therefore, both parties will work together to enhance the Sound brand, and build a large-scale environmental group with a complete industrial value chain, optimized business structure and distinctive competitiveness.
The Joint Venture Company is incorporated in Dongjiang Free Trade Port Zone of Tianjin, the PRC, with registered capital of USD30 million. Sound Global and Sound Environment each contributes USD15 million to the registered capital and each will account for 50% ownership in the Joint Venture Company. Both companies would therefore share the future profit based on the percentage of ownership and continue to create value for all their shareholders in future.
Through the establishment of joint-venture company, Sound Global and Sound Environmental would fully leverage on their advantages in onshore and offshore financing platform, further broaden their financing channels, develop and expand their own areas of business (water and solid waste treatment) and ultimately achieve enhancement in both business expansion and financing capability.
Note 1: Announcements and Notices - (1) Connected Transaction - Proposed Issue Of Subscription Shares (2) Proposed Transfer Of Shares (3) Connected And Discloseable Transaction - Proposed Acquisition Of Shares (4) Resumption Of Trading , dated 18September 2014
Note 2: Sound (Tianjin) Financial Leasing Limited*, the company' name is subject to approval by the relevant registration authorities in the PRC
About Sound Global Ltd.
Sound Global is the leading one-stop integrated water and wastewater treatment solutions providers in the PRC. The Company offers services covering the full value chain of the water and wastewater treatment industry - from the design and construction of water and wastewater treatment facilities, to the operation and maintenance of water and wastewater treatment facilities and the manufacture of water and wastewater treatment equipment. With advantages in technology, capital, management and whole industry chain, Sound Global has earned a high reputation within the water industry for its excellence since its founding. The Company has very extensive business networks covering all major provinces in PRC. On top of coverage in domestic market, sound global has also penetrated into overseas market in 2009 and continued expanding its business presence internationally. Sound Global is the first Chinese water enterprise that successfully won the bid for the overseas water project.
The Company places significant emphasis on its in-house design capability and the innovative adaptation and application of technologies to offer customized, cost-effective and practical solutions for the diverse challenges presented by the treatment of municipal and industrial water and wastewater. With strong R&D and technical capacity, Sound Global could provide wastewater treatment solution for all major industries, particularly coking, metallurgy and petrochemical industries who demand highly sophisticated wastewater treatment technologies.
In 2011, Sound Global expanded into the markets of environmental management in China's suburban-rural areas. Sound Global researched and developed a new program -- the "Sound Global SMART(1) Solution for wastewater treatment in Small Townships". This program was implemented in 18 bundled wastewater treatment projects in Changsha County of Hunan Province. This integrated wastewater treatment programs, developed by Sound Global, established successful models for wastewater treatment in suburban-rural areas of China.
(1)Small & Skillful, Multiple & Modular, Active & Automatic, Rapid and Technologic
Topic: Press release summary
Sectors: Daily Finance, Daily News
https://www.acnnewswire.com
From the Asia Corporate News Network
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