MIYA, Shari Arison's water venture held through Arison Holdings Ltd. has acquired the controlling interest in Brazilian engineering services company BBL at a value of NIS 100 million. The acquisition will enable MIYA to participate in projects in Brazil, and later in Latin America.
Arison Investments chairwoman Efrat Peled said, "This acquisition by MIYA is in line with parent company Arison Investments' investment strategy."
Peled added, "Brazil's economic growth rate is projected to exceed 5% in 2010. The country is the fourth most populous in the world. The country's largest water company, Companhia de Saneamento Basico do Estado de Sao Paulo (SABESP) (NYSE: SBS; Bovespa: SBSP3), has set a target to reduce water loss from 28% to 13%. This creates a golden opportunity for MIYA, which integrates advanced water technologies in the world with expertise in the carrying out of large-scale water projects of this kind."
BBL builds turn-key projects to improve municipal water systems in general, with a focus on water conservation.
Published by Globes [online], Israel business news - www.globes-online.com - on January 6, 2010
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