Diversified non-bank lender Financial Resources Ltd?s water management subsidiary Sovereign Hydrology Pty Ltd plans to start a Singaporean-based joint venture. Sovereign has signed a memorandum of understanding with a Singaporean project management group, giving the new joint venture rights to operate its patented civil engineering water treatment system NOH20 in Singapore, Malaysia, Vietnam and Indonesia. Without naming the partner, FRL managing director Barry Samuels told the market the project manager had experience in process design, engineering, construction and property investment. NOH20 is used mainly in the construction sector for sealing leaky building foundations. The latest success for Sovereign comes after FRL?s recent expansion into national lending business Quik Rent, in which it took a 75 per cent stake in November last year.
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