* Singapore-listed companies Moya Asia and Asia Environment Holdings have disposed of their 50% and 25% stakes in loss-making Pizhou Water for US$900,000 and US$450,000, respectively.

 The shares were bought by Lionguard Investments, which already owned the remaining 25%.

* In late August, Ciena Enterprises launched a successful takeover bid for Asia Environment, another small-cap water stock listed on the Singapore exchange. At S$0.30 per share, the offer values Asia Environment at S$154.4 million (US$127.7 million), and sent the shares soaring by more than 30%....

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