Thailand’s WHAUP buys 34% stake in Vietnamese water plant for $89m

WHA Utilities and Power Public Company Limited (WHAUP), Thailand’s integrated utilities products and service provider and investment firm, has completed the acquisition of 34 per cent stake in northern Vietnam’s biggest water plant Duong River Surface Water plant JSC (DWTP).

In a statement, the Thai power investor said that it signed a share purchase agreement with Do Tat Thang, a shareholder of the water treatment plant, to buy 33,986,774 shares for approximately THB 2,762.96 million ($89.35 million).

“This investment marks another important step for WHAUP utilities business expansion in CLMV, especially in Vietnam, as part of our long-term investment target. Moreover, it is also in line with our strategic plan to expand the utilities business outside WHA Group’s industrial estates,” the company said.

Established in 2016, DRSW is a joint venture between four investors who contributed a total of VND5 trillion ($215.8 million). Local firm Aqua Onen owns 51 per cent stake in the venture followed by Vietnam Oman Investment (28%),  state-owned Hanoi Water Limited Company (10%) and tech and tourism firm NEWTATCO (5%).

Currently, the project’s capacity is 54,750,000 cubic meters per year for phase 1A which has commenced operation since the first quarter of 2019. By year end 2019, the total capacity of DWTP will be 109,500,000 cubic meters per year.

WHAUP, previously known as Hemaraj Clean Water Company Limited, was set up in 2008 with a registered capital of THB 645 million.

The company’s core business is distributing raw water, producing and distributing industrial water and providing wastewater treatment services to industrial estates.

In recent deals in this sector, Philippine-listed infrastructure holding firm Metro Pacific Investments Corp acquired 49 per cent stake in Vietnamese water firm Tuan Loc Water Resources (TLW) for P1.988 billion ($38 million).

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.