Tri-Tech To Divest Yuan Jie For 10 Mln Yuan - Quick Facts

(RTTNews) - Tri-Tech Holding Inc. (TRIT), which provides turn-key water resources management, Tuesday said the company's Board of Directors has approved the divestiture of Beijing Huan Xia Yuan Jie Water Tech Co., Ltd. or Yuan Jie by selling the company's 51 percent interest in Yuan Jie to its minority owner.

For its 51 percent holdings, the company is expected to receive total compensation of about 10 million yuan, including around 2 million yuan in cash from the minority owner of Yuan Jie and repayment of a loan and related interests of approximately 8.1 million yuan to the minority owner.

Peter Dong, Executive Director and CFO of the company, said, "The Company engaged an independent expert to determine the fair value of Yuan Jie based upon the financial analysis and possible projections of future business of Yuan Jie. We expect the divestiture to help the Company to further improve its cash position as well as debt ratio."