LONDON, June 17 -- Environmental engineering firm Tinci Holdings Ltd said on Tuesday it signed a 54.5 million yuan ($8 million) contract with a unit of China's Xinfa Aluminium Industry Group, sending its shares up 59 percent.
The AIM-listed Chinese company said the contract was for two 360 megawatt installations and would use traditional wet limestone flue gas desulfurisation (FGD) technology -- used to reduce sulphur dioxide emissions when burning fossil fuels.
Tinci said it expected the project to start this month and last for about 12 months. "It is the 20th FGD project which Xinfa has awarded to Tinci to address its desulfurisation needs since 2005," the company said in a statement.
On June 9, the company had said it was not aware of a reason for a rise in its shares, which had gained about 75 percent since the start of the month. Tinci shares were trading up 59 percent at 15.5 pence at 0830 GMT on the London Stock Exchange.