Asia Tiger takes controlling interest in Think Greenergy
20 November 2009
Asia Tiger Group is taking a controlling interest in UK-based waste-to-energy specialist Think Greenergy Ltd (TGE).
This follows a memorandum of agreement (MOA) signed by its wholly owned subsidiary TechTiger Pte Ltd and TGE which will see the incorporation of a holding company in Singapore in which TechTiger will have a 51 per cent stake.
The MOA comes soon after Asia Tiger announced that it is acquiring a 21 per cent stake in TGE for £pounds;8 million (S$18.5 million) last month.
‘Under the MOA, TechTiger will own a 51 per cent stake in the holding company and will ultimately have TGE become an indirect subsidiary of TechTiger and allow TechTiger to consolidate the financial statements of TGE,’ said Asia Tiger.
The MOA will give Asia Tiger - which will be changing its name to The Think Environmental Co Ltd - greater control in driving waste to renewable energy ventures, the company said. TGE aims to build up to 20 waste-to-energy sites across the UK by 2012, with the first site targeted to be operational and revenue-generating by April 2010. The 20 sites when fully operational are expected to generate a combined turnover of up to £pounds;198 million annually.
‘This is a landmark announcement that will give us significant penetration into the profitable waste to renewable energy space,’ said Jimmy Kon, director of Asia Tiger’s green business unit.
‘We like the fact that TGE operates in the UK, which provides us with a stable operating environment and where the laws and regulations on renewable energy are very strict.’
Gerard Reynolds, founder and chief executive of TGE, said: ‘We believe that the UK market has tremendous potential for growth. This MOA will allow TGE and Asia Tiger to pool our resources and capabilities to expand and exploit opportunities not only across Europe but worldwide going forward.’
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Asia Tiger takes controlling interest in Think Greenergy
20 November 2009
Asia Tiger Group is taking a controlling interest in UK-based waste-to-energy specialist Think Greenergy Ltd (TGE).
This follows a memorandum of agreement (MOA) signed by its wholly owned subsidiary TechTiger Pte Ltd and TGE which will see the incorporation of a holding company in Singapore in which TechTiger will have a 51 per cent stake.
The MOA comes soon after Asia Tiger announced that it is acquiring a 21 per cent stake in TGE for £pounds;8 million (S$18.5 million) last month.
‘Under the MOA, TechTiger will own a 51 per cent stake in the holding company and will ultimately have TGE become an indirect subsidiary of TechTiger and allow TechTiger to consolidate the financial statements of TGE,’ said Asia Tiger.
The MOA will give Asia Tiger - which will be changing its name to The Think Environmental Co Ltd - greater control in driving waste to renewable energy ventures, the company said. TGE aims to build up to 20 waste-to-energy sites across the UK by 2012, with the first site targeted to be operational and revenue-generating by April 2010. The 20 sites when fully operational are expected to generate a combined turnover of up to £pounds;198 million annually.
‘This is a landmark announcement that will give us significant penetration into the profitable waste to renewable energy space,’ said Jimmy Kon, director of Asia Tiger’s green business unit.
‘We like the fact that TGE operates in the UK, which provides us with a stable operating environment and where the laws and regulations on renewable energy are very strict.’
Gerard Reynolds, founder and chief executive of TGE, said: ‘We believe that the UK market has tremendous potential for growth. This MOA will allow TGE and Asia Tiger to pool our resources and capabilities to expand and exploit opportunities not only across Europe but worldwide going forward.’
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