© 2008 Cascal NV
31st January 2008Cascal's Subsidiary, China Water, Signs a 30 Year Concession Contract with the Government of Yancheng (China)
Cascal today announced that its subsidiary China Water has signed a 30 year contract with the Government of Yancheng in Jiangsu province (China). China Water is working with the Yancheng Government to convert the state owned local water company into a Public Private Partnership (PPP). Through a competitive bidding process, China Water earned the right to acquire a 49% stake in a new Equity Joint Venture which will be granted a 30 year concession to deliver water services to a population of more than 600,000 in Yancheng City. China Water has proposed an improvement strategy designed to bring Yancheng's water service in line with 'best in class' standards.
Commenting on the project, China Water's Managing Director, Bob Taylor said "the Yancheng project represents a very important milestone in the evolution of the China Water group. We are very proud to be working with the Government of Yancheng on this project and we are confident that our particular blend of Chinese and international experience will bring tangible long term improvements to the quality of water services in Yancheng".
China Water is working with the Yancheng government to secure the regulatory approvals from the Provincial Government, and the completion of the transaction is subject to these approvals.
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NOTES TO EDITORS
- Cascal provides water and wastewater services to its customers in seven countries: the United Kingdom, South Africa, Indonesia, China, Chile, Panama and the Philippines.
- Cascal was formed in 2000
- Currently there are approximately 1,400 Cascal employees.
- See our website for more information. www.cascal.co.uk