Beijing Enterprises Water to acquire projects in China
Beijing Enterprises Water Group Ltd. would pay CNY955 million to acquire nine water and sewage treatment projects in China, according to a Bloomberg report. The projects would be acquired from Malaysia based Salcon Bhd. The projects had been designed with a capacity of 1.25 million tons a day.
The water and sewage projects were located in Jiangsu, Shandong, Fujian and Zhejiang provinces. The said projects had current operational capacity of 1.06 million tons of water and 90,000 tons of sewage. According to Beijing Enterprises Water said in a statement to the Hong Kong Stock Exchange today.
The acquisition of the projects would increase Beijing Enterprises Water's water treatment capacity in China. This would also put the company in a leading position in China's water and sewage industry, stated in the regulatory filing. The company is backed by the municipal government with operations in Malaysia, Portugal and China.
The nine projects had after tax profit of CNY91.1 million last year. The after tax profit had increased following the CNY44.6 million from 2011, according to the filing.