GOOD NEWS OR BAD NEWS???
YTL Power acquires 51% of UK-based retail water provider Waterlevel for RM1.3m
By Sangeetha Amarthalingam / theedgemarkets.com | February 22, 2017 : 1:38 PM MYT
KUALA LUMPUR (Feb 22): YTL Power International Bhd's indirect wholly owned unit, United Kingdom-based Wessex Water Ltd, has acquired 51% of Waterlevel Ltd, formerly known as Albion Water Group Ltd, for £227,505.21 (RM1.3 million).
In a bourse filing today, YTL said Waterlevel is a licensed water supplier incorporated on Sept 14, 1995, providing retail water, wastewater, drainage and wider environmental services.
"As a result of the acquisition, Albion (Waterlevel) has become a subsidiary of Wessex Water and an indirect subsidiary of YTL Power.
"The acquisition is not expected to have any material effect on the earnings, net assets and gearing of the YTL Power for the current financial year," it said.
Separately, the group announced the completion of a 30% stake disposal by its wholly owned unit YTL Jordan Services Ltd of Attarat Operation and Maintenance Co B.V. (AOM) to Yudean International Development Ltd for US$30 (RM133.70).
It said AOM has ceased to be a subsidiary of YTL Jordan Services. It has become an associate company to YTL Jordan Services and YTL Power because YTL Jordan Services holds a balance of 45 ordinary shares in AOM.
At 12.30pm, YTL Power dipped one sen or 0.67% to RM1.49 with 765,600 shares done for a market capitalisation of RM11.6 billion.