A SUBSTANTIAL shareholder of Asia Water Technology (AWT) is maintaining staunch opposition to a financial rescue plan for the company, with just over a week to go before a vote on the deal.

Mr Kareti Venkataramana, managing director of Elcomp Technologies, remains unconvinced by the board's argument that the deal to bring in new shareholders is best for AWT and shareholders.

AWT is on the financial ropes after defaulting on payments to bondholders that are worth $29 million in total.

Read the full story in Tuesday's edition of The Straits Times.