Published On:April 2 2020
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VA Tech Wabag Ltd. reduces stake in Namibia entity.

VA TECH WABAG LIMITED (Symbol /Scrip Code : WABAG / 533269) through its Austrian Subsidiary viz., VA Tech Wabag GmBH had formed a special purpose vehicle in 2013 viz., Ujams Wastewater Treatment Company (Proprietary) Ltd in Namibia ("Ujams") and had been holding 66.4% equity stake along with other overseas JV partners.

Ujams was formed by the JV partners under BooT model for City of Windhoek's Department of Infrastructure, Water and Technical Services, Namibia. As part of Wabag Group strategy to remain asset light, the management of Wabag Austria decided to transfer its majority stake in the subsidiary entity in Namibia viz., to the extent of 58% to other JV partner.

The share transfer and other formalities between VA Tech Wabag GmbH, Austria and JV Partner has been completed on 31st March 2020 and post this transfer, the Company's Austria subsidiary holds 8.4% in Ujams."

Veolia Eau - Compagnie Generale Des Eaux, the Joint venture partner of Ujams, having its office at 21, Rue de la Boetie, Paris, France has bought the stake for Namibian Dollar 78.3 million.

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