SABESP announces agreement with the Municipality of Diadema
August 29 2013 - 9:26PM
PR Newswire (US)
SAO PAULO, Aug. 29, 2013 /PRNewswire/ -- Pursuant to CVM
Instruction 358 of January 3,
2002, Companhia de Saneamento Basico do Estado de
Sao Paulo -
SABESP ("Company" - BM&FBovespa: SBSP3; NYSE:
SBS), one of the largest water and sewage service providers in
the world based on the number of customers, hereby announces
that it has entered into an agreement with the Executive Power of
the Municipality of Diadema to assume total control over the
municipality's water and sewage services for a period of 30
years.
The main items of the agreement are:
- Total assumption of the concession, comprising water and sewage
services, for 30 years.
- Settlement of the lawsuit in regard to debt arising from the
expropriation of the assets by the municipal government.
- Settlement of the lawsuits related to wholesale water supply
debt arising from the partial payment of water bills by Saned – the
municipal company that currently provides these services in the
municipality.
- The assumption of Saned's workforce by Sabesp.
- Compliance with the Municipal Sanitation Plan.
The realisation of the transaction and the signature of the
agreement depend on approval by the municipal legislature.
More details will be available in a conference call to be held
shortly.
IR Contacts:
Mario Arruda Sampaio: (55 11)
3388-8664 (maasampaio@sabesp.com.br)
Angela Beatriz Airoldi: (55 11)
3388-8793 (abairoldi@sabesp.com.br)
SOURCE SABESP
Copyright 2013 PR Newswire
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