Qihe Tiandi Yantai Project

Qihe Tiandi (00976) entered into an investment agreement with Yantai Management Committee to develop and operate a comprehensive treatment facility in China Yantai Development Zone to recover, treat and sell imported mixed scrap metal. The estimated annual production capacity of the project is 500,000 tons, with a total investment of 99.98 million US dollars (about 779 million Hong Kong dollars). According to the investment agreement, Qihe Tiandi will set up a wholly-owned subsidiary to acquire the project plot and operate the project, with a total plot area of 6.5438+0.8 million square meters. Yantai Management Committee will assist the company to obtain relevant government approval to set up the project company and obtain the project plot.

In the opinion of the directors, the conclusion of the investment agreement is in line with the Group's strategy of expanding the recycling, reuse and processing business of mixed scrap metal in China, and also helps the Company to establish comprehensive processing facilities, deal with various scrap metal materials, research and develop renewable resources in China, and is also in line with China's national policy of promoting environmental protection and resource conservation. The directors believe that the completion of this project will increase the processing capacity of the Group's mixed scrap metal by 500,000 tons, benefit from these policies, and increase the market share of the Group's scrap metal business and renewable resources in this region, thus bringing reasonable returns to the Group. The stock finally quoted 4.68 yuan, down 0. 13 yuan, down 2.7%, with a turnover of 3.02 million yuan.

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