Beijing Enterprises Buys Standard Water Units to Expand

July 17 (Bloomberg) -- Beijing Enterprises Water Group Ltd., a developer of water-treatment systems, plans to buy two project units from Standard Water Ltd. for 1.35 billion yuan ($220 million) to expand further in China.

The agreement involves 36 water projects in China, Beijing Enterprises said today in a Hong Kong exchange filing. Forty to 60 percent of the deal will be paid by issuing shares at HK$2.82 apiece, and the remainder in cash.

Standard Water, incorporated in the Cayman Islands, is mainly engaged in sewage treatment. Beijing Enterprises rose 0.7 percent to close at HK$3.10 in Hong Kong trading today, boosting gains this year to 55 percent.

To contact the reporter on this story: Feifei Shen in Beijing at fshen11@bloomberg.net

To contact the editor responsible for this story: Reed Landberg at landberg@bloomberg.net