Freetech Successfully Completed Capital Injection to Tianjin Expressway Maintenance Company Limited
01 September 2015 - 11:00AM
Business Wire
Freetech Road Recycling Technology (Holdings) Limited
(“Freetech”, or the “Group;” stock code: HK.6888), a
leading and fast-growing service provider in the asphalt pavement
maintenance industry using the Hot-in-Place recycling technology,
announced that on 31 August, 2015, the Group successfully completed
capital injection to Tianjin Expressway Maintenance Company Limited
(“TEMC”). Upon completion, Freetech Smart Road Recycling
Engineering Investment Limited (“Freetech Smart Road”), an
indirect subsidiary owned by the Group, and Tianjin Expressway
Group held a 55% and 45% stake respectively in TEMC.
Freetech Smart Road, a joint venture established by Freetech and
China Ocean Shipping (Group) Company (“COSCO”), one of the
world's shipping leaders, successfully completed the first merger
and acquisition in the expressway maintenance industry. This will
drive TEMC to change its traditional road maintenance method, for
there is great potential for developing the Group’s Hot-in-Place
recycling technology, a rarely-used new concept in the related
industries, in Tianjin City. This technology will assist TEMC to
expand the spectrum of its road maintenance technologies, and
explore the opportunities of developing its road maintenance
business to cover municipal roads, and roads of ports, docks and
airports in Tianjin City. Meanwhile, Tianjin Expressway Group, the
largest expressway manager in Tianjin, will continuously support
the business development of TEMC.
The Group believes that the acquisition will strengthen the
business cooperation between Freetech and Tianjin Expressway Group,
accelerate the Group’s road maintenance business expansion in the
Bohai Economic Rim and enhance its position in the road maintenance
business in China.
About Freetech Road Recycling
Technology (Holdings) Limited (Stock Code: HK.6888)
Freetech Road Recycling Technology is the asphalt pavement
maintenance (“APM”) service provider renowned in the sector for its
Road Doctor brand with patented Hot-in-Place Recycling Technology,
as well as the manufacturer and seller of a wide range of APM
equipment. As of 30 June, 2015, the Group owned 108 registered
patents and had 6 pending patent applications in Hot-in-Place
Recycling Technology and related equipment. The Group has also
established ten joint ventures and associates and appointed twelve
franchisees across China including Hunan, Inner Mongolia, Jiangsu,
Fujian, Xinjiang and Guangdong in order to expand its customer base
across the country.
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Freetech Road Recycling Technology (Holdings)
LimitedVicky Xue, +852-2330 9600Fax: +852-2363
7987ir@freetech-holdings.hk, enquiry@freetech-holdings.hk