(Alliance News) - Modern Water PLC said Friday it appointed liquidators two of its units, as it focuses attention on its membrane processes division.
In early August, Modern Water said it would seek liquidation of two of its subsidiaries: Modern Water Services Ltd and Cogent Environmental Ltd. This process has now been completed.
Consequently, all contracts held by Modern Water Services Ltd will no longer be completed. This includes the joint venture agreement with Northumbrian Water for the Gibraltar Wastewater Project.
Following the liquidations, Modern Water will focus on its restructured membrane processes unit.
The firm is also continuing to negotiate the sale of its US-based monitoring unit Modern Water Inc. A successful sale of this unit would result in a "significant strengthening" of its balance sheet and provide a "solid base on which to support a more focused and efficient membrane processes division, in which there is an encouraging pipeline of international development projects."
Further details on the potential sale will be provided once any "material" developments have occurred.
Shares in Modern Water closed 2.0% higher at 2.04 pence in London on Friday.
