Bangkok [Thailand] Nov 11(ANI/NewsVoir): WOG ITR Water Solution Company Limited based in Thailand ('WOG ITR') has been successfully acquired by Wiik Water Company Limited ('Wiik Water'), a subsidiary of Wiik and Hoeglund Public Company Limited.
WOG ITR is a Project SPV of WOG Group for the concession signed with the Patong municipality in Phuket, Thailand.
WOG Group is a leading water company with expertise in waste water, water treatment and desalination projects. WOG Group has experience in successfully executing projects across South East Asia, South Asia, Middle East and the Caribbean using high end water treatment technologies. WOG operates as an Engineering, Procurement and Construction company (EPC) apart from building and operating water treatment plants on BOOT, BOT, DBOT and BOO basis.
WOG ITR, set up in 2012, had signed a 30-year concession with Patong Municipality in the Phuket province of Thailand on Build, Own, Operate and Transfer (BOOT) basis. The 25,000 m3 per day project is to treat the waste water, convert into reusable water and supply to customers after laying pipeline. The plant was completed in 2014 and has been selling treated water since then. The current customers for the project include leading hotel chains, mall operators and resorts.
Wiik and Hoeglund, listed on the Stock Exchange of Thailand, entered the water resources management business in 2016 in order to meet the demand for water in the industrial sector. The company is a market leader since last 30 years in the manufacturing of HDPE pipe and fittings. The Company has also been recognized internationally in terms of products and product quality control. Wiik Water has increased its service areas post the transaction.
WOG sold the plant for Thai Baht 300 million (USD 10 Million) and will continue as a minority partner with up to 10 percent revenue share agreement for the balance life of the concession.
"This is a milestone deal in the Thai water treatment industry. The sale of the project to Wiik Water creates new growth opportunities and opens new avenues for WOG Group. The deal marks the first successful exit for WOG from owned projects. This strengthens our financial capabilities and provides capital to invest in the robust pipeline of projects across the globe," said Sunil Rajan, President of WOG Group.
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