Just Water International says it has a conditional agreement to sell its Australian business for A$11 million.
Just Water to sell its Australian business for A$11 million
The cash sale to Waterlogic Australia Holdings is subject to the approval of Just Water's shareholders, as the proposed sale is worth more than half of the company's total value.
The founder and major shareholder, Tony Falkenstein, has just completed a partial takeover of Just Water, which valued the business at $13.4 million.
He said the sale creates new opportunities for Just Water.
Tony Falkenstein said more details will be made available to shareholders at a special meeting in Auckland, on April 28.