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2007-3-15 12:02:00 p.m. HKT, XFNA
HK-listed China Water to buy remaining stake in Onfar Intl for 30 mln yuan
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HONG KONG (XFN-ASIA) - China Water Industry Group Ltd said it has agreed
to buy the remaining 60 pct stake in Onfar International Ltd it does not
already own for 30 mln yuan from Boost Skill Investments Ltd.
Upon completion of the purchase, Onfar International will become a
wholly-owned subsidiary of China Water, the company said.
China Water said the acquisition represents a good opportunity for it to
participate in the growing water supply industry in China, given that Onfar
International holds a 51 pct stake in a water joint venture engaged in
supplying potable water to residents of Yichun city.
Boost Skill is a substantial shareholder of China Water Industry, holding
an 11.93 pct stake.
As of 11.55 am, China Water was up 0.08 hkd or 7.62 pct at 1.13.
(1 usd = 7.8 hkd)
roby.lau@xfn.com
rl/net xfnrl/xfnnt
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