June 8 -- Tianli Environmental Engineering (300156) signed 315 million yuan worth of engineering contracts with Inner Mongolia Gangyuan Chemical on June 7, reports New Express Daily, citing a company filing.

Shares of Tianli Environmental rose 1.79 percent to close at 24.42 yuan yesterday, which was still below the price of its initial public offering.

Tianli had attracted several institutional investors during its share offering at an average price of 66 yuan per share.

The contracted engineering works are scheduled for completion by December 20, 2012.

Sixty percent of the works will be settled this year and the remainder will be completed next year.

The value of the contracts accounted for 94 percent of the 336 million yuan of revenue recorded by Tianli Environmental in 2010.

Of the total, 189 million yuan will be settled in 2011, accounting for 56 percent of Tianli’s 2010 revenue.

Source:CapitalVue