Renaissance United's Hubei Gas Unit Flags 2.9 Million Yuan in Flood Repair Costs

MT Newswires06-15

Renaissance United's (SGX:I11) natural gas distribution subsidiary, Hubei Zonglianhuan Energy Investment, is expecting to spend up to 2.93 million yuan in flood repair costs across three of its four assets in Hubei, China, following heavy rain and flash flooding, according to a Sunday filing with the Singapore Exchange.

The gas utility unit has completed damage assessments across its sites in Anlu, Dawu, Guangshui, and Xiaochang.

While gas services have been mostly restored, the company has flagged a prolonged recovery by industrial users that could impact Hubei Zonglianhuan's financial results.

The company holds a 65% stake in Hubei Zonglianhuan via its direct subsidiary, Excellent Empire.

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