Gezhouba plans to buy Brazilian utility

A China Gezhouba Group Co Ltd subsidiary plans to purchase a 100 percent stake of a Brazilian water supply company, in a bid to expand its investment in local public-private partnership projects and to improve its presence in the local market.

The Chinese construction conglomerate announced on Thursday that its subsidiary - China Gezhouba Group Overseas Investment Co Ltd - will spend up to $200 million to acquire Sistema Produtor Sao Lourenco.

After the acquisition of the Brazilian utility company, CGGC said it would also be able to acquire the operational rights of the water supply program in Sao Paulo state.