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Beijing Enterprises Water Group Ltd Enters Into Memorandum Of Understanding With Standard Water Ltd

Wednesday, 17 Jul 2013 04:36am EDT 

Beijing Enterprises Water Group Ltd announced that on July 17, 2013, the Company entered into a memorandum of understanding (the MOU) with Standard Water Ltd. (the Vendor) in relation to the proposed acquisition (the Proposed Acquisition) of 100% issued share capital of two wholly-owned subsidiaries of the Vendor in order to acquire 36 water projects in mainland China (the Target Project Companies). Pursuant to the MOU, the Vendor and the Company will negotiate in good faith the terms of the formal agreement (the Formal Agreement) for the Proposed Acquisition. Subject to the signing of the Formal Agreement by the parties, the MOU is legally binding upon the parties thereto, among others, the Consideration (as defined below); the price of the Consideration Share (as defined below); the liabilities of the Target Project Companies not exceeding RMB1,150,000,000 in aggregate (equivalent to approximately HKD1,446,240,000) to be assumed by the Company; and the provisions in the MOU requiring the Company and the Vendor to use reasonable endeavours to complete all matters of due diligence in respect of the Proposed Acquisition and to procure the entering into the Formal Agreement within 20 days from the date of signing of the MOU. The consideration for the Proposed Acquisition is RMB1,350,000,000 (equivalent to approximately HKD1,697,760,000) (the Consideration). 

Company Quote

-0.45 -7.89%
3:59am EDT