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Social Impact Partners (SIP) today announced its investment of HKD 6 million to support the further development of Mil Mill, a paper pulp factory operated by waste recycler Secure Information Disposal Services Limited (SSID). SIP led the investment with HKD 3 million, and successfully attracted a local family office to invest an equal amount through SIP, resulting in a total investment of HKD 6 million aimed at supporting Mil Mill's continued contribution to addressing environmental and climate change issues in Hong Kong. Mil Mill plans to utilize the funding to upgrade its factory equipment and introduce new recycling technologies. With a focus on innovation, Mil Mill also plans to expand its recycling business to other fiber-related waste materials such as textiles, further enhancing waste reduction in Hong Kong and consolidating its pioneering position in the local industry.
Ms. Lillian Li, Executive Director of SIP, said, "As Hong Kong's first paper beverage carton recycling facility, Mil Mill has made significant social contributions and impact in the recycling field. This is also SIP’s first time collaborating with a family office, and the participation of co-investors provides us with more resources to support Mil Mill's development while streamlining reporting processes. We look forward to exploring similarly visionary investment projects and approaches in the future."
The investment decision underwent a comprehensive due diligence process led by SIP's strategic pro-bono partners. Legal advice was provided by Milbank, financial and accounting expertise as well as ESG auditing were conducted by PwC, and human capital guidance was offered by Egon Zehnder.
Established in 2019, Mil Mill has set up recycling points in various districts of Hong Kong, making it convenient for residents to access recycling services. Recently, Mil Mill successfully relocated to a new factory in Fanling and is expected to commence operations by the end of May.
Mr. Harold Yip, Co-founder of SSID and Mil Mill, stated, "Due to limitations in land, funding, and technology, the overall development of the waste recycling industry in Hong Kong has been slow. We hope that Mil Mill can become an industry leader, providing practical advanced experiences to other peers. Encouraging waste recycling, strengthening community cooperation, and promoting the development of a circular economy will always be the development concept and driving force behind Mil Mill."
About Social Impact Partners
Social Impact Partners (SIP) is a charitable organization with a mission to promote the sustainable development of Social Purpose Organizations (SPOs). SIP applies an investment mindset and uses private sector investment tools to tailor development programs for SPOs, helping them enhance their business maturity. SIP employs various approaches, including donations, loans, and equity, to meet the needs of SPOs, with the capital being recycled into the next SPO funding initiative.
About Information Security and Secret Intelligence Disposal Limited
Secure Information Disposal Services Limited (SSID) was established in 2009 by a group of professionals in the paper industry with a vision to create a circular economy for paper. Initially focused on office paper recycling, the company is committed to providing secure and reliable confidential document destruction services. It has since expanded into integrated waste management and consultancy services, assisting numerous listed companies in implementing improvement measures and completing relevant reports by the Environmental, Social, and Governance Reporting Guide. SSID currently serves thousands of clients across various industries, including finance, law, and accounting, and has gained support and trust from various organizations, and educational institutions. In 2019, SSID established Hong Kong's first paper beverage carton recycling mill, Mil Mill, and a sustainable development education center for paper packaging, specializing in processing paper beverage cartons and other composite paper materials into recycled pulp.
This press release is issued on behalf of the company by LBS Communications Consultants Ltd.
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