5th Jun 2007 11:35
London Asia Chinese Private Equity05 June 2007 5 June 2007 London Asia Chinese Private Equity Fund Limited("LACPEF" or "the Fund") Water investee company update LACPEF, the China focused investment fund, is pleased to provide an update toinvestors on the progress of it's remaining two Singapore listed businesses,following the recent successful disposal of the Fund's stake in Devotion Energy. Asia Water Technologies ("AWT") AWT, the Chinese water treatment company, has acquired a wastewater treatmentplant in Wuhan, China, for £1 million. The plant, acquired on aBuild-Operate-Transfer (BOT) basis on a 20 year licence (which commenced in2004), currently treats 60,000 tonnes per day, but has capacity for double that.The acquisition is in line with AWT's strategy of increasing the number offacilities it owns to generate a growing stream of recurring income. Last week the Fund received a dividend of £130,000 from its holding in AWT. United Envirotech ("UE") UE has secured an additional two engineering contracts, worth £2.6 million, fromChina National Petroleum Corporation and China Petrochemical Corporation. Theselatest agreements bring the total project value announced by the Company in thelast four months to £14 million, more than the total revenue for the 15 monthsended 31 March 2007. The new contracts highlight UEL's position as a leader in its field, and willuse the Company's MBR technology to treat and recycle the waste water from thepetrochemical plants. Simon Littlewood, Director of the Fund, said: "Both businesses are benefitingfrom the strong growth in China's water market. With China having only 4% of theworld's water resources, but 20% of the world's population, water is a key issuein China, and what little water there is needs to be well managed, creating agood market for AWT, which focuses on municipal water treatment and supply, andUE, which focuses on the industrial sector." For further information please visit www.londonasiafunds.com or contact: John West/Andrew Dunn Simon Littlewood Hugh FieldTavistock Communications London Asia Capital plc Collins Stewart LimitedTel: 020 7920 3150 Tel 020 7355 7928 Tel: 020 7523 8000 About United Envirotech Ltd Singapore Main Board listed UE, specializing in water treatment and reclamationusing advanced membrane technology, provides environmental engineering solutionsto a wide range of customers in the chemical, petrochemical, pharmaceutical, andwastewater treatment industries. The Group's track record includes building whatit believes to be the largest industrial "Newater" plant in China that uses itsContinuous Membrane Filtration ("CMF") and Reverse Osmosis ("RO") technology, aswell as what it believes to be one of the largest industrial wastewatertreatment plants in Asia, in terms of treatment capacity, using its MembraneBioreactor ("MBR") technology. About Asia Water Technology Ltd. AWT provides total engineering solutions for water purification and wastewatertreatment systems. Its business is primarily conducted through its subsidiary inChina, which owns its own patented core technologies and works closely withleading technology partners in the international and local water treatmentarena. For more information on the company, please visit: www.asiawatertech.com. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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