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Ofwat has today published the conclusion to a consultation on the acquisition of South Staffordshire Water. The company, which supplies water services to 1.2 million customers in the West Midlands, was bought by Bahrain-based First Islamic Investment Bank, through its subsidiary AquaInvest Acquisitions, for £142 million last November. Since the acquisition, First Islamic Investment Bank has changed its name to Arcapita Bank. The regulator has set out the issues raised in response to a consultation carried out in December 2004, and its views on the issues. The paper confirms Ofwat's intention to change the appointment of South Staffordshire to further ring-fence the regulated water business from other activities carried out by its new owners, and bring it into line with other water companies in England and Wales. Ofwat has published a public notice to this effect today. Note to Editors: 1. The Director General of Water Services is the economic regulator of the water and sewerage companies in England and Wales. He exercises his powers in a way that he judges will allow them to carry out their functions properly, and finance them. 2. The position paper on the acquisition of South Staffordshire plc by Arcapita Bank and the public notice setting out the proposed changes to its appointment are available on our website www.ofwat.gov.uk or by calling our library on 0121 625 1373. If you are viewing this press notice electronically, you can click on the following links to be taken directly to the position paper and the public notice 3. Responses to the consultation are held in the library and are available on request. MEDIA ENQUIRIES TO OFWAT PRESS OFFICE ON: 0121 625 1416/1496/1442 Out of hours enquiries to pager: 08700 555 500 water 503/505. Ofwat publications and press notices can be found on Ofwat's website at: www.ofwat.gov.uk  | ||||||
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