Gelonghui, Feb. 1: China Water Industry Group (01129.HK) announced that Hong Kong Glass Resources Co., Ltd., an indirect wholly-owned subsidiary of the company, was awarded a 39-month service contract by the Environmental Protection Department (EPD) of the Hong Kong Special Administrative Region Government, with a contract amount of approximately HK$87 million. Under the Food Waste Agreement, Glass Resources is responsible for providing the following services: (i) collecting food waste at designated locations in Kowloon West; (ii) transporting collected food waste to approved food waste treatment facilities; (iii) organizing community promotion activities; and (iv) expanding the collection network to increase the food waste recycling rate.
The Group is committed to promoting environmental protection and continues to develop and expand its recycling business in Hong Kong. With the significant expansion of the recycling market in Hong Kong, the Group will seize market opportunities by increasing participation and developing this green business. After implementing the solid waste charge on August 1, 2024, it is expected to open up new business prospects for glass resources in the recycling service sector and strengthen its position in the recycling industry in Hong Kong.