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Singapore : C&G withdraws from its first overseas project
Publish Date : 09-Jun-2012
C&G Environmental Protection Holdings Limited on Friday said it has ceased investment and construction of the Waste-to-Energy project in Can Tho city, Vietnam.
\"Regrettably, the company and the People\'s Committee of Can Tho city were unable to reach a mutual agreement on the terms and conditions of the project during the negotiation process,\" the company said, adding that it has therefore agreed to withdraw.
All pre-operating cost relating to this project has been expensed off in the period which they were incurred, and the cessation of investment in the project is not expected to have any material financial impact on the company for the financial year ending December 31, 2012.
C&G had in August 2011 said it was selected as the principal investor of the project, which had an estimated waste-to-energy design capacity of 800 tons per day.
