Catalist-listed Dayen Environmental says it has concluded a share placement to Moya Holding Company BSC for $20 million in cash, in return for shares and share options representing a 51% interest in the enlarged capital of Dayen.

Moya is a Middle East water treatment and services company headquartered in Manama, the Kingdom of Bahrain, with operations based in Saudi Arabia and other key Middle East markets.

The completion of the transaction is subject to a number of conditions, including the approval of Dayen shareholders for the issue of shares and options, as well as a “whitewash” resolution to waive the mandatory takeover requirement triggered by Moya’s 51% interest, release of the final independent auditor’s report into the circumstances surrounding significant transactions and agreements involving the company as well as other requisite regulatory approvals. The transaction is expected to be completed in the first quarter of 2010.

Dr Nahed Taher, Chairman of Moya, says, “We see opportunities in the Asia and the Middle East and this combination will better position both companies for capitalising on these opportunities.”