Saudi Amiantit buys into Germany’s AquaMundo
AmiWater, a subsidiary of Saudi Arabian Amiantit Group, has taken over the full participation of German companies ABB Mannheim, and Bilfinger Berger Wiesbaden in the AquaMundo venture.
AquaMundo was founded in the year 2000 by ABB, Bilfinger Berger and MVV Energie, with each founder holding one third of the shares. The acquisition gives AmiWater two thirds of the shares, while MVV Energie AV remains as a shareholder with one third. By mutual agreement of the contractual partners the purchase price has not been disclosed. Approval of the cartel authority is expected to be issued in the near future.
Aquamundo will continue to operate as an independent German company strongly focusing on the international market in which it develops, finances and operates international water supply and wastewater disposal projects in South-East Europe, China and Latin America. AmiWater also operates and manages water supply and wastewater infrastructural facilities and the company’s presence as a shareholder on board constitutes a synergistic gain to the strategic goals of the management of AquaMundo’s international market operations.
MVV Energie is active in consultancy and operational business in the international energy, water and wastewater sectors. Cooperation with the Amiantit Group opens up new and additional possibilities for joint ventures between the two companies.
The Saudi Arabian Amiantit Company was established in 1968 in Dammam and is a joint stock company. Its shares are traded on the Saudi Stock Exchange. The prime activity of the company is to initiate and manage new industrial projects, and market its technologies and products. The company also monitors and controls the business of all the Amiantit Group subsidiaries through its corporate management office in Dammam, Saudi Arabia.
The Amiantit Group is a leading industrial organization with global strength and is comprised of companies in the Kingdom and abroad that manufacture various kinds of pipes, joints, fittings, tanks, rubber & insulation products, and related accessories. Other activities include own and transfer technology, and water project consultancy and management all around the world. — (menareport.com)
© 2003 Mena Report (www.menareport.com)