China Environmental Technology Sells Yardway Dredging

China Environmental Technology has agreed to sell its wholly-owned subsidiary Yardway Dredging Equipment Limited and the sale debts for HK$500,000.

The disposal is expected to realize a gain of HK$250,000. The Target company is engaged in the business of trading and manufacturing of dredging equipment, components and provision for related services.

Under the Disposal Agreement, it has also been agreed that Yardway Development will be paid by Target company the Relevant Supply Incentive of HK$1.248.000, subject to the Relevant Supply Contract for the sale of certain dredging equipment being entered into between Target company and a designated customer.

[mappress]

Dredging Today Staff, February 22, 2012