Continental (TPE:3703) unit HDEC established a new firm, HDEC (Keya) Water Treatment, with NT$600 million in paid-in capital.
HDEC subscribed for 60 million common shares at NT$10 each, giving it full ownership of the new company, according to a Friday Taiwan Stock Exchange filing.
The unit was formed after HDEC was selected as the preferred bidder for the Hsinchu City Keya reclaimed water build-to-operate project on Aug. 11.
The new company will serve as the 100%-owned project vehicle required under HDEC's investment plan.
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