Malaysia's AmInvestment starts $320 mln Asia water fund

SINGAPORE, June 25 Wed Jun 25, 2008 6:31am BST

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SINGAPORE, June 25 (Reuters) - Malaysia's AmInvestment Bank and Singapore water firm Konzen launched on Wednesday a water fund that hopes to pull in $320 million to invest in Asian water projects. The AmKonzen Asia Water Fund will invest the money into water assets such as water plants in China and Southeast Asia. The fund will also give funding to developers for Asian water projects.

"There is tremendous scope for future growth in line with surging demand for clean water for consumption," Cheah Tek Kuang, managing director for AmBank Group said in a statement.

The water fund will also take equity stakes in existing water plants and will focus on China given the country's water shortages and water pollution problems, the statement said.

Singapore-listed water firm Hyflux Ltd (HYFL.SI) launched and listed a water trust last year to tap into Asia's water business. Hyflux Water Trust HYWT.SI consists of waste water treatment plants in China. (Reporting by Melanie Lee; Editing by Lincoln Feast)

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