Investors in the $140 million Ajman integrated wastewater project are aiming to complete by 25 November a restructuring of the project company that will see the withdrawal of the UK's Thames Water- currently the biggest shareholder in the scheme. Project sources say the restructuring plans are in their final stages and are awaiting approval from the banks financing the project - Hypovereinsbank, Bayerischelandesbank, United Arab Bankand Mashreqbank.
The restructuring followed a decision by Thames Water's parent company, Germany utility RWE, to pull out of the project at the end of the 30-month construction phase. Thames Water has a 60 per cent shareholding in the project company, Ajman Sewerage (Private) Company. It also has the 27.5-year operations and maintenance (O&M) subcontract. Under the restructuring plan, Thames Water's shareholding will be split between the Government of Ajman, which currently has a 20 per cent stake, and Six Construct, part of Belgium's Besix, which currently holds 10 per cent. A new investor, understood to be a French company, is also expected to take a stake in the project company. The US' Black & Veatch International, which holds a 10 per cent stake, is expected to remain involved. Thames Water's O&M contract will be transferred to a new operating company formed by a JV of Six Construct and the French shareholder. The project company is Ajman Sewerage (Private) Company(MEED 19:9:03).