SC 13G/A

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

SCHEDULE 13G

(Rule 13d-102)

Information Statement Pursuant to Rules 13d-1 and 13d-2
Under the Securities Exchange Act of 1934
(Amendment No. 2 )*

Consolidated Water Co. Ltd.

(Name of Issuer)

Common Stock

(Title of Class of Securities)

G23773107

(CUSIP Number)

December 31, 2008

Date of Event Which Requires Filing of the Statement

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

o Rule 13d-1(b)
þ Rule 13d-1(c)
o Rule 13d-1(d)

*The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page.

The information required on the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (“Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

CUSIP No. G23773107  13G Page 2   of  11 

1	NAME OF REPORTING PERSON S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON KBC Asset Management Ltd.
2	CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
	(a)   o
	(b)   þ
3	SEC USE ONLY
4	CITIZENSHIP OR PLACE OF ORGANIZATION
	Ireland
		5	SOLE VOTING POWER
NUMBER OF			0
SHARES		6	SHARED VOTING POWER
BENEFICIALLY
OWNED BY			519,416 shares of Common Stock
EACH		7	SOLE DISPOSITIVE POWER
REPORTING
PERSON			0
WITH		8	SHARED DISPOSITIVE POWER
			519,416 shares of Common Stock
9	AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
	519,416 shares of Common Stock
10	CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES
	o
11	PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
	Approximately 3.6% as of 12/31/08 (based on 14,529,106 shares of Common Stock issued and outstanding as of 11/5/08, per Form 10-Q dated 11/10/08)
12	TYPE OF REPORTING PERSON
	IA

CUSIP No. G23773107  13G Page 3  of  11 

1	NAME OF REPORTING PERSON S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON KBC Group NV
2	CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
	(a)   o
	(b)   þ
3	SEC USE ONLY
4	CITIZENSHIP OR PLACE OF ORGANIZATION
	Belgium
		5	SOLE VOTING POWER
NUMBER OF			0
SHARES		6	SHARED VOTING POWER
BENEFICIALLY
OWNED BY			519,416 shares of Common Stock
EACH		7	SOLE DISPOSITIVE POWER
REPORTING
PERSON			0
WITH		8	SHARED DISPOSITIVE POWER
			519,416 shares of Common Stock
9	AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
	519,416 shares of Common Stock
10	CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES
	o
11	PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
	Approximately 3.6% as of 12/31/08 (based on 14,529,106 shares of Common Stock issued and outstanding as of 11/5/08, per Form 10-Q dated 11/10/08)
12	TYPE OF REPORTING PERSON
	HC

CUSIP No. G23773107  13G Page 4   of  11 

1	NAME OF REPORTING PERSON S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON KBC Asset Management NV
2	CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
	(a)   o
	(b)   þ
3	SEC USE ONLY
4	CITIZENSHIP OR PLACE OF ORGANIZATION
	Belgium
		5	SOLE VOTING POWER
NUMBER OF			0
SHARES		6	SHARED VOTING POWER
BENEFICIALLY
OWNED BY			519,416 shares of Common Stock
EACH		7	SOLE DISPOSITIVE POWER
REPORTING
PERSON			0
WITH		8	SHARED DISPOSITIVE POWER
			519,416 shares of Common Stock
9	AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
	519,416 shares of Common Stock
10	CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES
	o
11	PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
	Approximately 3.6% as of 12/31/08 (based on 14,529,106 shares of Common Stock issued and outstanding as of 11/5/08, per Form 10-Q dated 11/10/08)
12	TYPE OF REPORTING PERSON
	IA/HC

CUSIP No. G23773107  13G Page 5   of  11 

1	NAME OF REPORTING PERSON S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON KBC Bank NV
2	CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
	(a)   o
	(b)   þ
3	SEC USE ONLY
4	CITIZENSHIP OR PLACE OF ORGANIZATION
	Belgium
		5	SOLE VOTING POWER
NUMBER OF			0
SHARES		6	SHARED VOTING POWER
BENEFICIALLY
OWNED BY			519,416 shares of Common Stock
EACH		7	SOLE DISPOSITIVE POWER
REPORTING
PERSON			0
WITH		8	SHARED DISPOSITIVE POWER
			519,416 shares of Common Stock
9	AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
	519,416 shares of Common Stock
10	CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES
	o
11	PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
	Approximately 3.6% as of 12/31/08 (based on 14,529,106 shares of Common Stock issued and outstanding as of 11/5/08, per Form 10-Q dated 11/10/08)
12	TYPE OF REPORTING PERSON
	BK/HC

TABLE OF CONTENTS

	Item 1(a) Name of Issuer: Consolidated Water Co. Ltd
	Item 1(b) Address of Issuer’s Principal Executive Offices
	Item 2(a) Name of Person Filing
	Item 2(b) Address of Principal Business Office
	Item 2(c) Citizenship
	Item 3 If this statement is filed pursuant to Rules 13d-1(b), or 13d-2(b) or (c), check whether the person filing is a
	Item 4 Ownership
	Item 5 Ownership of Five Percent or Less of a Class
	Item 6 Ownership of More than Five Percent on Behalf of Another Person
	Item 7 Identification and Classification of the Subsidiary which Acquired the Security Being Reported on by the Parent Holding Company
	Item 8 Identification and Classification of Members of the Group
	Item 9 Notice of Dissolution of Group
	Item 10 Certification
INDEX TO EXHIBITS
EX-99.1: JOINT FILING AGREEMENT
EX-99.2: DECLARATION GRANTING OFFICER AUTHORITY

CUSIP No. G23773107  13G Page 6   of  11 

Item 1(a) Name of Issuer: Consolidated Water Co. Ltd.

Item 1(b) Address of Issuer’s Principal Executive Offices:

Trafalgar Place, West Bay Road
P.O. Box 1114
Grande Cayman, Cayman Islands
BWI E9 00000

Item 2(a) Name of Person Filing

Item 2(b) Address of Principal Business Office

Item 2(c) Citizenship

KBC Asset Management Ltd.
Joshua Dawson House
Dawson Street
Dublin 2
Ireland

KBC Group NV
Havenlaan 2
1080 Brussels
Belgium

KBC Asset Management NV
Havenlaan 2,
1080 Brussels
Belgium

KBC Bank NV
Havenlaan 2,
1080 Brussels
Belgium

2(d) Title of Class of Securities:

Common Stock, par value $0.60 per share

2(e) CUSIP Number:          G23773107

Item 3 If this statement is filed pursuant to Rules 13d-1(b), or 13d-2(b) or (c), check whether the person filing is a:

(a)	o	Broker or dealer registered under Section 15 of the Exchange Act;
(b)	o	Bank as defined in Section 3(a)(6) of the Exchange Act;

CUSIP No. G23773107  13G Page 7   of  11 

(c)	o	Insurance company as defined in Section 3(a)(19) of the Exchange Act;
(d)	o	Investment company registered under Section 8 of the Investment Company Act;
(e)	o	An investment adviser in accordance with Rule 13d-1(b)(1)(ii)(E);
(f)	o	An employee benefit plan or endowment fund in accordance with Rule 13d-1(b)(1)(ii)(F);
(g)	o	A parent holding company or control person in accordance with Rule 13d-1(b)(1)(ii)(G);
(h)	o	A savings association as defined in Section 3(b) of the Federal Deposit Insurance Act;
(i)	o	A church plan that is excluded from the definition of an investment company under Section 3(c)(14) of the Investment Company Act;
(j)	o	Group, in accordance with Rule 13d-1(b)(1)(ii)(J).

     If this statement is filed pursuant to Rule 13d-1(c), check this box: þ

Item 4 Ownership:

     (a) Amount beneficially owned:

     Incorporated by reference to Item 9 of the cover page pertaining to each reporting person.

     (b) Percent of Class:

     Incorporated by reference to Item 11 of the cover page pertaining to each reporting person.

     (c) Number of shares as to which such person has:

(i) sole power to vote or to direct the vote:

Incorporated by reference to Item 5 of the cover page pertaining to each reporting person.

(ii) shared power to vote or to direct the vote:

Incorporated by reference to Item 6 of the cover page pertaining to each reporting person.

CUSIP No. G23773107  13G Page 8   of  11 

(iii) sole power to dispose or to direct the disposition of:

Incorporated by reference to Item 7 of the cover page pertaining to each reporting person.

(iv) shared power to dispose or to direct the disposition of:

Incorporated by reference to Item 8 of the cover page pertaining to each reporting person.

Item 5 Ownership of Five Percent or Less of a Class:

     If this statement is being filed to report the fact that as of the date hereof the reporting person has ceased to be the beneficial owner of more than five percent of the class of securities, check the following þ.

Item 6 Ownership of More than Five Percent on Behalf of Another Person:

Not Applicable.

Item 7 Identification and Classification of the Subsidiary which Acquired the Security Being Reported on by the Parent Holding Company:

Not Applicable.

Item 8 Identification and Classification of Members of the Group:

Not Applicable.

Item 9 Notice of Dissolution of Group:

Not Applicable.

Item 10 Certification:

     By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect.

CUSIP No. G23773107  13G Page 9   of  11 

     After reasonable inquiry and to the best of its knowledge and belief, the undersigned certify that the information set forth in this statement is true, complete and correct.

Dated this 11^th day of February, 2009.

KBC Group NV		KBC Asset Management NV
By:	/s/ Noel O’Halloran	By:	/s/ Noel O’Halloran
Name:	Noel O’Halloran	Name:	Noel O’Halloran
Its:	Executive Director and Chief Investment Officer of KBC Asset Management Ltd.	Its:	Executive Director and Chief Investment Officer of KBC Asset Management Ltd.
KBC Asset Management Ltd.		KBC Bank NV
By:	/s/ Noel O’Halloran	By:	/s/ Noel O’Halloran
Name:	Noel O’Halloran	Name:	Noel O’Halloran
Its:	Executive Director and Chief Investment Officer	Its:	Executive Director and Chief Investment Officer of KBC Asset Management Ltd.

CUSIP No. G23773107  13G Page 10   of  11 

INDEX TO EXHIBITS

Exhibit No.	Exhibit
99.1	Joint Filing Agreement
99.2	Declaration Granting Officer Authority

EX-99.1

CUSIP No. G23773107  13G Page 11   of  11 

EXHIBIT 99.1

February 11, 2009

In accordance with Rule 13d-1(k)(1) under the Securities Exchange Act of 1934, as amended, KBC GROUP NV, KBC ASSET MANAGEMENT NV, KBC ASSET MANAGEMENT LTD., KBC BANK NV each hereby agree to the joint filing of this statement on Schedule 13G (including any and all amendments hereto). In addition, each party to this Agreement expressly authorizes each other party to this Agreement to file on its behalf any and all amendments to such Statement on Schedule 13G. A copy of this Agreement shall be attached as an exhibit to the Statement on Schedule 13G filed on behalf of each of the parties hereto, to which this Agreement relates.

This Agreement may be executed in multiple counterparts, each of which shall constitute an original, one and the same instrument.

KBC GROUP NV
By: Name:	/s/ Noel O’Halloran Noel O’Halloran
Its:	Executive Director and Chief Investment Officer of KBC Asset Management Ltd.
KBC ASSET MANAGEMENT NV
By: Name:	/s/ Noel O’Halloran Noel O’Halloran
Its:	Executive Director and Chief Investment Officer of KBC Asset Management Ltd.
KBC ASSET MANAGEMENT LTD.
By: Name:	/s/ Noel O’Halloran Noel O’Halloran
Its:	Executive Director and Chief Investment Officer
KBC BANK NV
By: Name:	/s/ Noel O’Halloran Noel O’Halloran
Its:	Executive Director and Chief Investment Officer of KBC Asset Management Ltd.

EX-99.2

DECLARATION : GRANTING AN OFFICER OF
KBC ASSET MANAGEMENT LTD

AUTHORITY TO SIGN AND FILE THE REQUIRED DISCLOSURES WITH
THE SEC ON BEHALF OF
KBC BANK AND KBC GROUP

IN RELATION TO THE FOLLOWING STOCK:
CONSOLIDATED WATER COMPANY LIMITED            CWCO US EQUITY

I, the undersigned, signing on behalf of KBC Bank NV, and KBC Group NV (“the entities”), hereby grant Noel O’Halloran an officer of KBC Asset Management Ltd (Title: Executive Director and Chief Investment Officer of KBC Asset Management Ltd), permission to sign on behalf of the aforementioned entities, relating to the filing of Securities Exchange Commission (SEC) forms, disclosing that:

• the KBC Asset Management Ltd and KBC Asset Management NV controlled holding in the aforementioned US listed security

• Plus the holdings controlled by the aforementioned entities

Represents over 5% of the outstanding shares of that specific stock.

This permission relates to the above mentioned security, and the filing of reports in relation to:

• Holding >5% of shares outstanding — SEC SCHEDULE 13G (Rule 13d-102) [Information Statement Pursuant to Rules 13d-1 and 13d-2 Under the Securities Exchange Act of 1934]

• Holding > 10% of shares outstanding — All additional SEC required filings, including but not limited to FORM 3 [Initial Statement Of Beneficial Ownership Of Securities Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934], and including the obtaining of CIK codes, for access to the SEC EDGAR system for filing on behalf of the entities.

Signed for

KBC Group		KBC Bank
Guido SEGERS	Chris DEFRANCQ	Jan VANHEVEL	Frans FLORQUIN
Executive Director 28/08/2007	Executive Director 28/08/2007	Executive Director 28/08/2007	Executive Director 28/08/2007

DECLARATION : GRANTING AN OFFICER OF
KBC ASSET MANAGEMENT LTD

AUTHORITY TO SIGN AND FILE THE REQUIRED DISCLOSURES WITH
THE SEC ON BEHALF OF
KBC ASSET MANAGEMENT NV

IN RELATION TO THE FOLLOWING STOCK:
CONSOLIDATED WATER COMPANY LIMITED            CWCO US EQUITY

I, the undersigned, signing on behalf of KBC Asset Management NV (“the entity”), hereby grant Noel O’Halloran an officer of KBC Asset Management Ltd (Title: Executive Director and Chief Investment Officer of KBC Asset Management Ltd), permission to sign on behalf of the aforementioned entity, relating to the filing of Securities Exchange Commission (SEC) forms, disclosing that:

• the KBC Asset Management Ltd and KBC Asset Management NV controlled holding in the aforementioned US listed security

Represents over 5% of the outstanding shares of that specific stock.

This permission relates to the above mentioned security, and the filing of reports in relation to:

• Holding >5% of shares outstanding — SEC SCHEDULE 13G (Rule 13d-102) [Information Statement Pursuant to Rules 13d-l and 13d-2 Under the Securities Exchange Act of 1934]

• Holding > 10% of shares outstanding — All additional SEC required filings, including but not limited to FORM 3 [Initial Statement Of Beneficial Ownership Of Securities Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934], and including the obtaining of CIK codes, for access to the SEC EDGAR system for filing on behalf of the entity.

Signed for KBC Asset Management NV

Ignace Van Oortegem	Erwin Schoeters
Executive Director	Executive Director
28 August 2007	28 August 2007