New Joint Venture Commits to Invest in Malaysian Water Sector

Multi Vest Resources Bhd (MVRB), a public company listed on the main board of the Kuala Lumpur Stock Exchange, has today (Monday) signed a joint venture agreement with Britain's Thames Water and Nilamas Corporation Sdn Bhd (NCSB), a 100% Bumiputra investment holding company, to develop selected water and waste water opportunities in Malaysia.

The joint venture company, Puas Emas Sdn Bhd (PESB), will draw on Thames Water's international expertise in the management of water and waste water infrastructure, to complement MVRB's vision of diversifying to play a major role in the development of the nation by bringing foreign technology and investment to Malaysia.

Thames Water is one of the world's largest water companies, serving 24 million customers across the globe, of whom over five million live in Asia. The company has a track record of delivering large-scale investment programmes on time, and on budget. In 1998, Thames Water delivered a brand new US$152m (RM800m) water treatment and distribution scheme to supply growing industrial estates to the north of Bangkok, and the Asian Games held in the city that year.

It also has a strong record of technological innovation, and partners international centres of excellence, both in academia and at research centres, including: the University of Indonesia; the American Water Works Association Research Foundation; NASA; and the UK's Oxford University. In May 2000, Thames Water signed a Memorandum of Understanding with Universiti Industri Selangor, to become the institution's first industrial partner in water resources management.

Dato' Kenneth Eswaran, MVRB's Group Managing Director, said: "Thames Water is a well-respected player in the world water market and brings vital skills to this joint venture. As PESB, we hope to play a growing role in the Malaysian water sector and invest for the benefit of the wider Malaysian economy."

Jim McGivern, Thames Water's Managing Director, International Development, said: "We welcome the opportunity to work with Multi Vest Resources and Nilamas on water projects in Malaysia.

"Thames Water has long recognised the importance of the Malaysian water market, and we have set aside a large proportion of our investment funds for the Asia Pacific region to grow our business here in Malaysia."

The company has had links with Malaysia for 30 years and is currently at work on water supply projects in Johor and Sabah. Thames Water has also invested in Bangkok, Shanghai, and Jakarta.

Since 1989 Thames Water has invested substantially to improve services to its 12 million customers in London and the south-east of England. Major investment at sewage treatment works has made the River Thames the cleanest metropolitan estuary, in the world, now home to 115 species of fish including the salmon.

The equity shareholding of the new joint venture company, PESB, will be: MVRB 30%; TW 49%; and NCSB 21%.



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