Thu, 28 Sep 2006
Thames Water to sell stake in Indonesia's Thames PAM Jaya to Acuatico

Jakarta (ANTARA News) - PT Thames PAM Jaya (TPJ) said in a statement that its major shareholder, U.K.-based firm Thames Water Plc, has agreed to sell its entire 95 pct stake in the joint venture to Acuatico Pte Ltd for an undisclosed sum.

Acuatico Pte Ltd is a consortium formed by PT Recapital Advisors and
infrastructure project management company PT Glendale Partners.

Recapital Advisors is a financial holding company of the Recapital Group, which is affiliated with the Bakrie Group.

TPJ has been distributing water to the east side of Jakarta since 1998.

TPJ president Julian Earle said in the statement that he expects the new
investor "will continue to support the future growth of the company and
continue the strong foundation established by Thames Water."

ReCapital president Rosan Roeslani said the acquisition of TPJ "fits with
our strategy of investing in large infrastructure projects."

"We intend to transform TPJ into a world-class public water utility
company and increase coverage to new customers," Roeslani added.

The TPJ statement gave no reason for Thames Water's decision to sell its
holding, though sources close to the deal told XFN-ASIA that it was part of the company's global strategy to reduce its exposure in Asian countries and to focus its business in Europe.

Earle said Thames Water had invested 106 mln usd in TPJ since 1998.

The sale is subject to the approval of the Jakarta provincial government. (*)



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