GIC invests S$170 million in Brazilian water treatment firm
SINGAPORE — Sovereign wealth fund GIC has invested 300 million real (S$170 million) in a Brazilian water and sewage treatment company as it expands its presence in Latin America’s biggest economy.
Aegea Saneamento e Participacoes, an arm of conglomerate Grupo Equipav, said on Tuesday that the investment will be used to help fund its growth plans. It holds about 15 per cent of the private water and sewage treatment market in Brazil.
“Aegea manages an attractive portfolio of water and sewage concessions in Brazil,” said Mr Tay Lim Hock, President of GIC Special Investments.
GIC’s investment in Aegea comes as the Latin American country is boosting infrastructure investments. The national cities council in June approved a 508.5 billion real sanitation plan to provide clean water supplies to all urban areas over the next 10 years.
The announcement follows previous reports in June that GIC is planning to open a Sao Paulo office next year. Last November, it jointly invested US$1.4 billion (S$1.75 billion) with Global Logistic Properties and two other state funds to buy assets in Brazil. Agencies