Consolidated Water Co. Ltd. announces completion of tender offer for Waterfields Company Ltd.
GEORGE TOWN, Cayman Islands, B.W.I., Jan. 16, 2004 -- Consolidated Water Co. Ltd., which develops and operates seawater conversion plants and water distribution systems in areas where natural supplies of drinking (i.e., potable) water are scarce, today announced that it has completed its tender offer outside the U.S. to the remaining shareholders of Waterfields Company Ltd.
Waterfields owns and operates a reverse osmosis seawater desalination plant and sells desalinated water on a "take or pay" basis to the Water & Sewerage Corporation of the Bahamas, which in turn distributes the water to customers via its own pipeline.
The company paid approximately $6.7 million for approximately 64.7% of the outstanding stock of Waterfields in the tender offer. The company had previously acquired approximately 26.2% of the outstanding stock of Waterfields in two separate transactions during 2003 for an aggregate of $2.7 million.
"From an accounting perspective, we have been consolidating Waterfields' results since August 2003," noted Rick McTaggart, President & Chief Executive Officer of Consolidated Water Co. Ltd. "We are pleased to announce the completion of the tender offer, which brings our ownership in Waterfields to approximately 91%."
Consolidated Water Co. Ltd. is engaged in the development and operation of seawater conversion plants and/or water distribution systems in areas of the world where naturally occurring supplies of potable water are scarce or nonexistent. The Company currently operates water production and/or distribution facilities in the Cayman Islands, the British Virgin Islands, Barbados, Belize and the Commonwealth of the Bahamas.
The common stock of Consolidated Water Co. Ltd. is traded on the Nasdaq National Market under the symbol "CWCO". Additional information on the Company is available on its website at http://www.cwco.com .