For us who have been invested in FLC as a business (not a...

For us who have been invested in FLC as a business (not a stock), it has been a harrowing ride. We went from IC being a prospect, to where it is now. Congrats to the team at FLC for carrying out its execution up to this point, in the midst of a pandemic.

Nevertheless, FLC is in a state of transition, moving in the right direction IMO. Once IC is completed in 2 years' time, SPS must grow to a point of making up for the revenue that will be dropped off when IC is completed. For the unwary, SPS is made up of Nirobox , Aspiral and SUBRE. In terms of margin contribution, $160m revenue from IC can be taken care by $80m sales of MABR or $90-$100m of SPS. That s the target in 2 years' time.

Richard has said as much that is where he wants FLC to be, a major player in the decentralise WWT space. If decentralisation becomes centralised in the mindset of the industry (pun intended), FLC has a good chance of making a go at being the next major water player. Judging from the gains in China, the Philippines and Cambodia, the momentum seems to be there. Don't forget there is still Africa and S. America.