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Article: Thames exits Ajman: Thames Water pullout forces restructuring.(RWE Thames Water PLC, Ajman Sewerage (Private) Co.)(Brief Article)
- Article from:
- MEED Middle East Economic Digest
- Article date:
- October 28, 2005
CopyrightCOPYRIGHT 2005 MEED Middle East Economic Digest. All Rights Reserved. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Investors in the $140 million Ajman integrated wastewater project are aiming to complete by 25 November a restructuring of the project company that will see the withdrawal of the UK's Thames Water--currently the biggest shareholder in the scheme. Project sources say the restructuring plans are in their final stages and are awaiting approval from the banks financing the project--Hypovereinsbank, Bayerischelandesbank, United Arab Bank and Mashreqbank.
The restructuring followed a decision by Thames Water's parent company, Germany utility RWE, to pull out of the project at the end of the 30-month construction phase.
Thames Water has a 60 per cent ...