Beijing Enterprises Water to buy 80% stake in Guigang Water

Published: 24 Nov 2008 01:53:38 PST

Nov. 24, 2008 (China Knowledge) - Beijing Enterprises Water Group Ltd<371>, an emerging company engaged in the environmental services industry, has agreed to purchase an 80% stake in Guigang Municipality Water Supply Ltd (Guigang Water), the Shanghai Daily reported.

The Hong Kong-listed company planned to invest RMB 100 million (US$14.5 million) to acquire the controlling shareholding in Guigang Water, which is headquartered in Guangxi Zhuang Autonomous Region.

According to Beijing Enterprises Water Group's filing with the Hong Kong Stock Exchange (HKEx), the company expects to enhance its presence in the domestic market via the stake purchase.

Stocks of Beijing Enterprises Water surged 15.85% to HK$0.95 on Monday.

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