December 8, 2009 / 12:11 AM / in 8 years

UPDATE 1-Newalta sees higher 2010 capex budget

* To spend C$87 mln in capex in 2010

* Says will amalgamate with wholly-owned subsidiary

* Amalgamation effective Jan 1, 2010

Dec 7 (Reuters) - Waste management and environmental services provider Newalta Inc NAL.TO expects capital expenditure of C$87 million in 2010, more than double of this year, and said it would amalgamate with its unit Newalta Corp.

The company will amalgamate with the wholly-owned operating unit and the resulting public entity’s name will be changed to Newalta Corp, effective Jan. 1, 2010, the company said.

The company allotted about C$60 million to growth capital expenditure and the rest for maintenance.

Of the total planned expenditure for growth, the company sees C$35 million for onsite services, majority of which will support the growth in the heavy oil business unit, and C$20 million in facilities, divided equally between eastern and western Canada.

For 2009, the company had set a capital expenditure budget of C$40 million.

The company will reorganize its reporting structure into two divisions - onsite and facilities - to “better align the business”.

Newalta shares were down 7 Canadian cents at C$7.94 in morning trade Monday on the Toronto Stock Exchange. (Reporting by Isheeta Sanghi in Bangalore; Editing by Ratul Ray Chaudhuri)

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