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United Envirotech is buying a 49 percent stake in mainboard-listed Memstar Technology for $35 million.
The water treatment and recycling firm said it plans to buy the stake from Memstar's chairman and CEO.
Memstar makes and sells membrane products, as well as operates water treatment facilities.
United Envirotech said the proposed acquisition can complement one of its core businesses.
For one, the group can leverage on the established membrane technologies developed by Memstar.
United Envirotech can also benefit from the growth in Memstar, in view of its strong membrane technologies and R&D capabilities.
