Singapore pair look towards membrane plants in Nigeria
Development of membrane-based water treatment plants in Nigeria has moved closer, following the signing of a joint venture agreement between Hyflux International Pte Ltd (HIPL) and Tolaram Corporation Pte Ltd, both from Singapore-based groups.A Singapore-registered company called Yewa Water Company Pte Ltd has been set up as a result of the agreement. HIPL and Tolaram will hold equal equity stakes in this joint venture company.
Yewa Water Company Pte Ltd, in turn, owns the majority stake in Yewa Water Company Limited, a company incorporated in Nigeria, which will be used to undertake water projects in the country.
The joint venture is not expected to have a material financial impact on Hyflux for the financial year ending 31 December 2014.