China’s Sihuan Pharmaceutical Co has approved an asset reorganisation that will see it take control of the Tianjin Binhai Water municipal group.
 

It will take over ownership of 100% of Binhai Water from its current owners, the Tianjin Water Affairs Bureau (75.35%), the Tianjin Water Resources Office (14.97%) and a Tianjin-based equity investment fund (9.68%).
 

Binhai Water is involved in desalination, drinking water supply, wastewater treatment and the operation of water infrastructure. It declared 2012 revenues of RMB 690 million ($113 million), up 11% on the previous year, with a net profit of RMB 58 million ($9.5 million).
 

The equity transfer was funded by the release of 70,766,000 shares to the three previous owners. They now hold a 34.29%, 7.36% and 4.76% stake in Sihuan Pharmaceutical respectively.

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