LONDON (Alliance News) - Modern Water PLC on Wednesday said its Gibraltar wastewater treatment plan project received environmental approval from the country's Development & Planning Commission.
Modern Water shares were trading 2.4% higher at 6.40 pence each on Wednesday morning. They traded as high as 6.77p in early dealings.
The commission approved the environmental impact assessment as well as making final recommendations for visual improvements and general mitigation measures, Modern Water said.
This, the company added, marks a "further significant step" before the commencement of building works as soon as the agreement for design, build and operation has been signed between the Government of Gibraltar and the joint venture between Modern Water Services Ltd and NWG Commercial Solutions Ltd.
Modern Water will carry out design and build works on behalf of the joint venture, with an estimated GBP25 million cost. On completion, NWG will be responsible for the operation and maintenance of the plant for 20 years.
