Hyflux taps demand for clean water treatment

SINGAPORE - Hyflux Ltd and Mitsui & Co will start a venture to buy stakes in four water treatment plants in China and offer to take Hyflux Water Trust private in transactions worth about $170 million.

Galaxy NewSpring Pte will buy the four plants for $53.1 million from Hyflux, the Singapore-based water treatment company said in a statement to the city-state's exchange on Monday.

The venture will offer to buy 205.5 million shares in Hyflux Water at 78 Singapore cents apiece, a 14 percent premium to the last-traded price, for S$160.3 million ($118 million).