Ranhill Holdings Bhd's highly-automated wastewater treatment plant at Xiaolan Industrial Park in Nanchang, China. This flagship plant has a workforce of about 32 staff now.
KUALA LUMPUR: Ranhill Holdings Bhd is divesting 60% of its unit in Hong Kong to China's SIIC Environment Holdings Ltd for RM167mil as it eyes the industrial wasterwater treatment in China.
Ranhill announced on Thursday it has signed a term sheet to sell the 60% stake in Ranhill Water (Hong Kong) Ltd to SIIC – a top-tier integrated player in China’s environmental industry.
It said SIIC and its subsidiaries are engaged in water treatment, solid waste treatment and other environment-related businesses.
“The board views the proposed divestment will present a good opportunity for the company to expand its wastewater business in China,” it said.
Ranhill added the proposed divestment would also enable it to team up with SIIC to tap into the industrial wastewater treatment sector.
“We believe such strategic partnership will facilitate the procurement of wastewater concessions in China by providing broader access to potential clients and target markets,” it said.
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