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Darco Water sells full stake in Taiwan unit, buys 12% in Chinese water treatment firm
DARCO Water Technologies, a water treatment firm, on Friday said it would sell its full 60 per cent equity interest in a unit Darco Youli, for S$2.62 million.
Darco Youli's competitor has a sizable market share in the medical waste business in Taiwan, and has recently obtained the approval from the authorities to approximately double its capacity.
"Considering that the management's intention is to either scale down, or exit the Taiwan market entirely, the proposed disposal will allow the company to have more available cash to fund new investments and/or venture into new markets," it said in a regulatory statement.
It separately said that it would also buy a 12 per cent equity interest in Wuhan Kaidi Water Services, a water treatment company in China, for S$1.9 million, to boost its competitive edge in China.