Beijing Enterprises to buy Standard Water Units for $220 Million
By Bloomberg News
Beijing Enterprises Water Group Ltd. (371), a developer of water-treatment systems, plans to buy two project units from Standard Water Ltd. for 1.35 billion yuan ($220 million) to expand further in China.
The agreement involves 36 water projects in China, Beijing Enterprises said today in a Hong Kong exchange filing. Forty to 60 percent of the deal will be paid by issuing shares at HK$2.82 apiece, and the remainder in cash.
Standard Water, incorporated in the Cayman Islands, is mainly engaged in sewage treatment. Beijing Enterprises rose 0.7 percent to close at HK$3.10 in Hong Kong trading today, boosting gains this year to 55 percent.
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