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Ofwat has changed the appointment conditions of South Staffordshire Water to further ring-fence the regulated water business from other activities carried out by its new owners. The changes, which have already been the subject of consultation, will bring South Staffordshire into line with other water companies in England and Wales. The company undertook to act as if the new licence conditions were in place from the date of the acquisition by new owners Arcapita Bank last November. South Staffordshire, 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. Since the acquisition, First Islamic Investment Bank has changed its name to Arcapita Bank. 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 modifications are held on the Ofwat website at www.ofwat.gov.uk They are also held as part of the Director's register and are available for inspection at the Ofwat library. Paper copies of the modifications are available for sale at 10p per page (minimum charge £1.00) from the Ofwat Library on 0121 625 1373. 3. The position paper into the acquisition of South Staffordshire plc by Arcapita Bank, which sets out the proposed changes to the appointment conditions, is available on the Ofwat website. MEDIA ENQUIRIES TO OFWAT PRESS OFFICE ON: 0121 625 1416/1496/1442 Out of hours enquiries to pager: 08700 555 500 water 502/503. Ofwat publications and press notices can be found on Ofwat's website at: www.ofwat.gov.uk  | ||||||
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