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The company, which supplies water services to 245,000 domestic and business customers in Kent and parts of East Sussex, was bought jointly by Utilities Trust of Australia (UTA) and Hastings Diversified Utilities Fund (HDUF). Each purchased a 50% interest in the Swan Group, the intermediate holding company of Mid Kent Water, in February this year. In a position paper published today, Ofwat sets out the regulatory issues raised by the acquisition and its views on them. It confirms Ofwat's intention to make a small change to the appointment conditions of Mid Kent Water to ensure that under the new ownership structure the relationship between the company and its owners continues to enable Mid Kent Water to meet its appointment obligations. Ofwat has published a public notice to this effect today. Notes 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 the Swan Group will be available from the Ofwat website www.ofwat.gov.uk or from the Ofwat Library on 0121 625 1373. 3. Responses to the earlier Mid Kent Water consultation, published on 21 April 2005, are held in the Ofwat Library and are available on request. 4. Media enquiries to Ofwat Press Office on 0121 625 1416/1496/1442. Out of hours enquiries to pager: 08700 555 500 water 502/503.  | ||||||
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