Beijing Enterprises Water Group Ltd. planned to purchase Standard Water Ltd.'s two project units. The deal would be worth around CNY1.35 billion equivalent to US$220 million. Beijing Enterprises would acquire the units so that it could expand further in China.
Today, in Hong Kong exchange filing, Beijing Enterprises stated that the deal involved 36 water projects in China. 40% to 60% of the deal would be paid through the issuance of shares at HK$2.82 for each. The rest would be paid in cash.
Standard Water was incorporated in the Cayman Islands. It primarily engaged with sewage treatment. It provided extensive services in 13 provinces in China. It was also able to build up to 80 water supply plants and wastewater treatment plants in the country.
On the other hand, Beijing Enterprises was a creator of water-treatment networks in China. It was formed upon eight units of assets. This year, its gains boosted to 55% after today's increase of 0.7% at HK$3.10 in Hong Kong trading.
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