SGX/MEDIA RELEASE – FOR IMMEDIATE RELEASE
ecoWise partners the largest state-owned
transport logistic group in Chongqing to
expand its rubber & tyre management business
into China
 Group to form a JV company with Chongqing Municipal
Transport Development and Investment (Group) Co., Ltd.
 JV company shall have a registered capital of RMB 40 million
with Group having a 65% equity stake
 More collaboration opportunities in the future for ecoWise
with the joint venture partner for environmental projects in
China
Singapore, 7 November 2012 – ecoWise Holdings Limited and its subsidiaries
(“ecoWise” or the “Group”), SGX-Mainboard listed and Singapore based resource recovery,
renewable energy and integrated environmental management solutions provider, is pleased
to announce that the Group is to expand its rubber and tyre management business into
China as it entered into a joint venture agreement (“JVA”) through its wholly-owned
subsidiary, ecoWise RubberTech Pte. Ltd. (“ERT”), with Chongqing Municipal Transport
Development and Investment (Group) Co., Ltd. (“重庆城市交通开发投资（集团）有限公司”)
(“CTIG”).
ABOUT CTIG
CTIG is the largest state-owned transport logistic group in Chongqing engaging in the
investment, development and management of public transportations that include
buses, LRT (Light Rail Trains) and railway trains. CTIG also involves in the planning
and construction of infrastructure facilities in Chongqing, China.
Under the JVA, a joint venture company will be formed in Chongqing and is to be named
Chongqing eco-CTIG Rubber Technology Co., Ltd. (“重庆绿科开投橡胶科技有限公司”)
(“CECRT”). The principal activity of CECRT will be to carry out total tyre management
business that includes new tyre supply and tyre retreading in Chongqing, China.
CECRT shall have a registered capital of RMB 40 million. ERT will hold 65% equity interest
in CECRT and the balance will be held by CTIG. The Group’s 65% investment in CECRT of
RMB 26 million (approximately $5,098,600 based on an exchange rate of $0.1961 to RMB
1.00 as at 5 November 2012) will be paid up in 2 stages of RMB13 million each and it will be
funded by a combination of internal cash resources and bank borrowings.
RATIONALE
The Group owns a leading rubber compound manufacturing and tyre retreading group under
Sunrich Integrated Sdn. Bhd. and its subsidiaries in Malaysia. Capitalising on the Group’s
expertise in this business, the investment in CECRT will enable the Group to expand its
rubber and tyre management business into China, starting with Chongqing. Under the terms
of the JVA, the Group shall provide technical and know-how supports on total tyre
management and tyre retreading technologies to CECRT. The Group shall also take charge
of setting up the production factory and management of the subsequent operation.
Meanwhile CTIG shall be responsible to secure the business license and basic infrastructure
required by CECRT for its factory set up and also to assist in developing and securing
CECRT’s business in Chongqing.
“We are honoured to have this opportunity of working with CTIG in China. This JV will
set the necessary platform to expand our rubber and tyre management business in
China and with the support of such reputed state-owned enterprise, I am confident
about the future prospects of the joint venture company.
Going forward, we will also explore other collaboration opportunities with CTIG, by
tapping on the strengths and resources of both groups, in environmental projects in
China.”
Mr Lee Thiam Seng, Executive Chairman and CEO, ecoWise
--END-ABOUT ECOWISE HOLDINGS LIMITED (Bloomberg Ticker: ECW SP)
Founded in 1979, ecoWise Group is a Singapore based resource recovery, renewable energy and
integrated environmental management solutions provider. The Group was listed on SGX-SESDAQ in
2003 and moved to SGX Mainboard on 9 May 2008.
The Group has the following three business segments:
Resource Recovery segment – In Malaysia, the Group owns a leading rubber compound
manufacturing and tyre retreading group under Sunrich Integrated Sdn. Bhd and its subsidiaries.
In China, the Group is in electrical and electronic waste recycling business through a 15% investment
in Chongqing Zhongtian Electronic Waste Management Co., Ltd, a joint venture with Zhongtian
Environment Protection Industrial Group Co., Ltd, which has an exclusive e-waste license awarded by
the government for collection, recovering and disposal of electrical and electronic waste.
In Singapore, the Group is an appointed term contractor for collection of used copper slag and
general waste for certain shipyards and fabrication yards. A large portion of the recycled copper slag
is used by ready mix concrete suppliers for the production of eco-concrete.
TM
The Group’s patented composting technology, ecoACT , employs the unique in-vessel thermophilic
composting technology to manufacture quality organic compost in the shortest possible time.
Renewable Energy segment – The Group owns and operates the biomass co-generation plant at
the iconic NParks Gardens by the Bay (Marina South), Singapore.
The Group’s biomass co-generation power plant in Sungei Kadut supplies waste steam for a number
of industrial applications. The waste steam application from the plant is the first registered Clean
Development Mechanism (“CDM”) project based in Singapore.
The Group’s 49% held subsidiary in Wuhan, Wuhan ecoWise Energy Co., Ltd., is in the process of
converting a 25MW coal fired co-generation power plant into a 25MW biomass co-generation power
plant.
Integrated Environmental Management Solutions segment – The Group provides resources
management and integrated environmental engineering solutions for industrial waste and energy
management. The Group focuses on providing ‘low carbon’ environmental solutions. It offers a range
of services including process design and optimisation; engineering, procurement, fabrication
construction; commissioning, operation and maintenance of the facilities.
For more information, please refer to ecoWise corporate website: www.ecowise.com.sg
Issued for and on behalf of ecoWise Holdings Limited
By Financial PR Pte Ltd
For more information, please contact:
Romil SINGH / KEE Vern Cheng / Kathy ZHANG
[email protected] / [email protected] / [email protected]
Tel: (65) 6438 2990, Fax: (65) 6438 0064