(Yicai Global) Sept. 18 -- China Tianying is looking for new investors in its Spanish unit Urbaser, the world's sixth-biggest urban solid waste collection company.

China Tianying is in talks with brokerages and potential investors about selling a minority stake in Urbaser, the Jiangsu province-based company said in a statement yesterday. It acquired Madrid-based Urbaser two years ago for CNY8.9 billion (USD1.26 billion).

China Tianying is considering to sell a 20 percent to 30 percent stake for as much as USD600 million, Bloomberg News reported yesterday, citing unidentified people familiar with the matter.

Widening the investor base would help China Tianying make the most of China’s environmental protection policies while also expanding overseas, the company said.

Urbaser, which operates in over 20 countries, has scored some big wins this year. It won a EUR216 million (USD256 million) contract to operate a waste-to-energy plant in Paris in April and a EUR226 million deal in June to provide waste-to-energy services to the city of Pau in southwestern France.

China Tianying's stock price [SHE:000035] ended today unchanged at CNY5.03 (US 74 cents).

Editor: Emmi Laine