Amiantit’s unit takes full control of Germany’s PWT

The International Infrastructure Development Management and Operation Company, wholly owned by Amiantit Group, acquired 20 percent stake in PWT Wasser- und Abwassertechnik GmbH (PWT).

The deal gives the company full control of the business, a filing to Tadawul said.

The company bought the stake from minority shareholders for around SAR 6.2 million, while their book value amounted to SAR 11.6 million.

The difference will be recognized as a long term provision on some on-going projects, and the deal will not have a financial impact in 2014.

PWT is engaged in contracts for water and sewage treatment plants in Germany, Turkey, Azerbadjan, Turkmenistan and Iraq.