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Sinopipe Holdings Limited on Tuesday said Chinese property developer, Beijing Jingtaifu Property Development Ltd, has agreed to purchase from the company, no less than 500 million yuan (US$79.06 million) worth of plastic pipes over the next 24 months.
Its unit, Fujian Aton Advanced Materials Science and Technology Co Ltd inked the deal which will see the company supply plastic pipes to Beijing Jingtaifu\'s property development projects across the People\'s Republic of China.
Beijing Jingtaifu was introduced by Wang Sen, the Sinopipe\'s new substantial shareholder and convertible bond holder.
The agreement is expected to contribute positively to the group\'s financial performance for the financial year ending December 31, 2012.
