Sound Global acquires Tongliao Sound Water

Sound Global has signed an equity transfer agreement with Sound Group to acquire a 97.8% equity interest in Tongliao Sound Water for approximately RMB192.4m ($31.16m).

The company has also signed an equity transfer agreement with a third party for the sale and purchase of the remaining 2.2% equity interest in Tongliao Sound Water.

Tongliao Sound Water currently operates a BOT project for the sewage and reclaimed water treatment plant in Tongliao city, China. The plant’s sewage treatment capacity is 100,000t a day and reclaimed water treatment capacity is 20,000t a day.

Sound Global chairman Wen Yibo said that the company has been actively seeking out projects with relatively good return, development potential and controllable risk.

"This acquisition is in line with the development strategy of the company to focus on and expand its existing business, allows the company to increase its water treatment capacity and further reinforce its leading position in the water industry," Yibo added.

"Sound Global has laid a strong foundation over the past few years with our integrated competitive advantages in technology know-how, management expertise and complete supply chain."

Sound Group and its subsidiaries are involved in the investment and operations of environmental protection projects, comprising water, wastewater and solid waste treatment plants.