Sembcorp Signs Agreements to Explore Expanding its Water and Industrial Parks Businesses in China's Jiangsu Province
October 24, 2011
Sembcorp is pleased to announce that its wholly-owned subsidiaries, Sembcorp China Holding and Sembcorp Industrial Parks, will be signing agreements with the Qidong LVSI Coastal Economic Development Zone (Qidong EDZ) Administration Committee and the New District Administrative Committee of Wuxi Municipal People's Government respectively, to explore further business opportunities in Jiangsu province, China. The agreements will be signed during the Singapore-Jiangsu Cooperation Council meeting later this morning.
Sembcorp China Holding will be signing a Letter of Intent (LOI) to explore the formation of a joint venture to build, own and operate an industrial wastewater treatment plant with a total capacity of 40,000 cubic metres per day, to be developed in phases. The facility is capable of treating high concentration industrial wastewater from multiple sources, and will be located in the Qidong EDZ, a new petrochemical industrial park in Jiangsu province. Located near Sembcorp’s award-winning wastewater treatment plant in Zhangjiagang, this new facility is expected to complement the Group’s existing water operations in Jiangsu province. Sembcorp is expected to hold at least 80% stake in the proposed joint venture, while Qidong EDZ Administration Committee’s wholly owned investment company will hold the remaining stake.
The LOI will be signed by Alan Yau, Chief Executive Officer of Sembcorp China and Hua Wei, Director of Qidong EDZ Administration Committee.
Additionally, Sembcorp Industrial Parks and the New District Administrative Committee of Wuxi Municipal People's Government (WND) will be signing a Memorandum of Understanding (MOU) to deepen and expand cooperation in Jiangsu province as well as internationally.
Sembcorp and WND seek to explore collaboration in the following areas:
- Opportunities for Sembcorp to expand its presence in Jiangsu by developing new water and environmental solutions in Wuxi
- Business opportunities for build-to-suit industrial lease in science and high-tech business parks in Jiangsu province
- Co-investment in industrial and real estate developments overseas
- Promotion of the Wuxi Solar City photovoltaic park with WND-supported investment incentives
Sembcorp is a shareholder of the Wuxi Solar City photovoltaic park through the Wuxi-Singapore Industrial Park (WSIP). The WSIP is a model integrated township and industrial park that caters to the semiconductor and photovoltaic industries. It has attracted 77 companies which have brought in US$3 billion in investment capital and generate annual exports valued at US$4 billion. The WSIP has also created more than 40,000 jobs since it began operations in 1993.
The MOU will be signed by Kelvin Teo, President & Chief Operating Officer of Sembcorp Industrial Parks, and Ji Ke Jian, Director of Wuxi New District Administration Committee.
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For analysts’ and media queries please contact:
Jody Phang (Ms)
Group Corporate Relations
DID: +65 6723 3180
Email: [email protected]
Mary Ann Chan (Ms)
Sembcorp Parks Management
Tel: +65 9862 8363
Email: [email protected]
ABOUT SEMBCORP INDUSTRIES
Sembcorp Industries is a leading energy, water and marine group operating across six continents worldwide. With facilities with 5,600 megawatts of gross power capacity and over six million cubic metres of water per day in operation and under development, Sembcorp is a trusted provider of essential energy and water solutions to both industrial and municipal customers. It is also a world leader in marine and offshore engineering, as well as an established developer of integrated townships and industrial parks.
The Group has total assets of over S$10 billion and employs over 9,000 employees. Listed on the main board of the Singapore Exchange, it is a component stock of the Straits Times Index and several MSCI indices.
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