Pioneer Environmental (03989) issued an announcement. On March 11, 2024, the company signed a cooperation with Pioneer Environmental Protection Group...
Zhitong Finance App News, Pioneer Environmental (03989) issued an announcement. On March 11, 2024, the company and Pioneer Environmental Protection Group signed a cooperation framework agreement. According to this, the subsidiary of Pioneer Environmental Protection Group located in the cooperation area must provide entrustment management services to the company's indirect wholly-owned subsidiary Pioneer Sanitation project company within the cooperation area.
On March 11, 2024, Shenzhen Qianhai (a direct wholly-owned subsidiary of the company) signed a capital increase agreement with Pioneer Environmental Protection Group and Pioneer Sanitation. According to this, Pioneer Environmental Protection Group will subscribe for the corresponding shares in Pioneer Sanitation's new registered capital of RMB 33.6407 million (accounting for about 49% of its expanded registered capital). After the capital increase is completed, Shenzhen Qianhai's shares in pioneering sanitation will be diluted to 51%.
As of the date of this announcement, Pioneer Sanitation is an indirect wholly-owned subsidiary of the Group, mainly engaged in providing urban and rural sanitation services in China. By entering into a capital increase agreement, Pioneer Sanitation will benefit from the marketing network, experience and expertise of Pioneer Environmental Group member companies, which will benefit the future operation and development of Pioneer Sanitation business.