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<SEC-DOCUMENT>0000950134-03-003883.txt : 20030313
<SEC-HEADER>0000950134-03-003883.hdr.sgml : 20030313
<ACCEPTANCE-DATETIME>20030313172609
ACCESSION NUMBER:		0000950134-03-003883
CONFORMED SUBMISSION TYPE:	SC 13D/A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20030313
GROUP MEMBERS:		J BRUCE BUGG JR

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ARGYLE PARTNERS FUND L P
		CENTRAL INDEX KEY:			0000890876

	FILING VALUES:
		FORM TYPE:		SC 13D/A

	BUSINESS ADDRESS:	
		STREET 1:		4350 EXECUTIVE DRIVE #125
		CITY:			SAN DIEGO
		STATE:			CA
		ZIP:			92121-2110

	MAIL ADDRESS:	
		STREET 1:		300 CONVENT ST
		STREET 2:		STE 1500
		CITY:			SAN ANTONIC
		STATE:			TX
		ZIP:			78205

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CONSOLIDATED WATER CO LTD
		CENTRAL INDEX KEY:			0000928340
		STANDARD INDUSTRIAL CLASSIFICATION:	WATER SUPPLY [4941]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			E6
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SC 13D/A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	005-49654
		FILM NUMBER:		03602938

	BUSINESS ADDRESS:	
		STREET 1:		TRAFALGAR PL
		STREET 2:		WEST BAY RD
		CITY:			GRAND CAYMAN BWI CAY
		STATE:			E9
		ZIP:			00000
		BUSINESS PHONE:		8099474277

	MAIL ADDRESS:	
		STREET 1:		TRAFALGAR PLACE, WEST BAY ROAD, P.O. BOX
		STREET 2:		GRAND CAYMAN, CAYMAN ISLANDS, BWI

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CAYMAN WATER CO LTD
		DATE OF NAME CHANGE:	19941212
</SEC-HEADER>
<DOCUMENT>
<TYPE>SC 13D/A
<SEQUENCE>1
<FILENAME>d04002a9sc13dza.htm
<DESCRIPTION>AMENDMENT NO. 9 TO SCHEDULE 13D
<TEXT>
<HTML>
<HEAD>
<TITLE>sc13dza</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<P align="center"><FONT size="4"><B>SECURITIES AND EXCHANGE
COMMISSION</B></FONT>

<DIV align="center"><FONT size="3"><b>WASHINGTON, D.C. 20549</b></FONT></DIV>

<p><DIV align="center"><HR align="center" size="1" width="26%" noshade></DIV>

<P align="center"><FONT size="3"><B>SCHEDULE 13D/A<BR>
(Rule&nbsp;13d-101)</B>
</FONT>
<center>
<P><FONT size="3"><B>INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT<BR>
TO RULE 13d-1</B>(a) <B>AND AMENDMENTS THERETO FILED PURSUANT TO<BR>
RULE 13d-2</B>(a)
</FONT>
<P align="center"><FONT size="2"><B>(Amendment No.&nbsp;9 to Schedule&nbsp;13D)</B>
</FONT>
<P align="center"><FONT size="5"><b>CONSOLIDATED WATER CO. LTD.</b></FONT><BR>
<HR size="1" noshade><FONT size="2">(Name of Issuer)</FONT>

<P align="center"><FONT size="2">Ordinary Shares<BR>
<HR size="1" noshade>(Title of Class of Securities)
</FONT>
<P align="center"><FONT size="2"><B>G1981E10</B><BR>
<HR size="1" noshade>
(CUSIP NUMBER)
</FONT>
<P align="center"><FONT size="2"><B>J. Bruce Bugg, Jr.<BR>
Argyle Partners, Ltd.<BR>
</B>Nations Bank Plaza<BR>
300 Convent Street, Suite&nbsp;1500<BR>
San Antonio, Texas 78205<BR>
Tel. No.: (210)&nbsp;224-1155<BR>
<HR size="1" noshade>
(Name, Address and Telephone Number of Person<BR>
Authorized to Receive Notices and Communications)
</FONT>
<P align="center"><FONT size="2">- with copies to -<BR>
Eliot D. Raffkind<BR>
Akin, Gump, Strauss, Hauer &#038; Feld, L.L.P.<BR>
1700 Pacific Avenue, Suite&nbsp;4100<BR>
Dallas, Texas 75201-4618<BR>
(214)&nbsp;969-2800<BR>
<BR>
March&nbsp;4, 2003<BR>
<HR size="1" noshade>
(Date of event which requires filing of this statement)
</FONT>
</center>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the filing person has previously filed a statement on Schedule&nbsp;13G to
report the acquisition that is the subject of this Schedule&nbsp;13D, and is filing
this schedule because of Rule&nbsp;13d-1(e), 13d-1(f) or 13d-1(g), check the
following box &#091;&nbsp;&nbsp;&nbsp;&#093;.
</FONT>
<P align="center"><FONT size="2">Page 1 of 6</FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" align="center">
<TR valign="bottom">
        <TD width="34%">&nbsp;</TD>
        <TD width="14%">&nbsp;</TD>
        <TD width="9%">&nbsp;</TD>
        <TD width="15%">&nbsp;</TD>
        <TD width="14%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="4%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="8%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD valign="top"><font size="2">CUSIP NO. G1981E10</font></TD>
        <TD></TD>
        <TD  align="left" valign="top">13D/A<font size="2"></font>
</TD>
        <TD></TD>
        <TD  align="RIGHT" valign="top"><font size="2"></font>
</TD>
        <TD></TD>
        <TD  align="center" valign="top"><font size="2"></font>
</TD>
        <TD></TD>
        <TD  align="RIGHT" valign="top"><font size="2"></font></TD>
</TR>
</TABLE>
</CENTER>
<HR size="1">


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
        <TD width="1%" align="left">&nbsp;</TD>
        <TD width="3%"><font size="2">1.</font></TD>
        <TD width="96%"> <font size="2">Names of Reporting
Persons.<BR>
I.R.S. Identification Nos. of above persons
(entities only).</font></TD>
</TR>
</TABLE>
<P align="center"><font size="2">Argyle Partners, Ltd.</font>
<HR size="1">


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
        <TD width="1%" align="left">&nbsp;</TD>
        <TD width="3%"><font size="2">2.</font></TD>
        <TD width="96%"> <font size="2">Check the Appropriate Box if a Member of a Group
(See Instructions)</font></TD>
</TR>
</TABLE>


<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) &nbsp;&nbsp;</font><FONT face="wingdings">&#111;</FONT>

<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) &nbsp;&nbsp;</font><FONT face="wingdings">&#111;</FONT>



<P>&nbsp;
<HR size="1">


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
        <TD width="1%" align="left">&nbsp;</TD>
        <TD width="3%"><font size="2">3.</font></TD>
        <TD width="96%"><font size="2">SEC Use Only</font></TD>
</TR>
</TABLE>
<P>&nbsp;
<HR size="1">


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
        <TD width="1%" align="left">&nbsp;</TD>
        <TD width="3%"><font size="2">4.</font></TD>
        <TD width="96%"><font size="2">Source of Funds (See Instructions)</font></TD>
</TR>
</TABLE>
<P align="center"><font size="2">AF, WC</font>
<HR size="1">


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
        <TD width="1%" align="left">&nbsp;</TD>
        <TD width="3%"><font size="2">5.</font></TD>
        <TD width="96%"><font size="2">Check if Disclosure of Legal Proceedings is Required Pursuant
to Items 2(d) or 2(e)</font></TD>
</TR>
</TABLE>
<P align="right"><FONT face="wingdings">&#111;</FONT>
<P>&nbsp;
<HR size="1">


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
        <TD width="1%" align="left">&nbsp;</TD>
        <TD width="3%"><font size="2">6.</font></TD>
        <TD width="96%"><font size="2">Citizenship or Place of Organization</font></TD>
</TR>
</TABLE>
<P align="center"><font size="2">USA</font>
<HR size="1">


<P>

<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="15%" align="center">
    </td>
    <td width="3%">&nbsp;</td>
    <td width="2%" align="right"> <font size="2">7.</font>
    </td>
    <td width="2%">&nbsp;</td>
    <td width="78%"><font size="2">Sole Voting Power</font></td>
  </tr>
  <tr>
    <td width="15%" align="center"><font size="2">
      Number of</font>
    </td>
    <td width="3%"></td>
    <td width="2%">
    </td>
    <td width="2%"></td>
    <td width="78%"><font size="2">567,662</font></td>
  </tr>
  <tr>
    <td width="15%" align="center">
    </td>
    <td width="3%">&nbsp;</td>
    <td width="2%">
    </td>
    <td width="2%">&nbsp;</td>
    <td width="78%"><hr size="1"></td>
  </tr>
  <tr>
    <td width="15%" align="center"><font size="2">
    Shares</font>    </td>
    <td width="3%">&nbsp;</td>
    <td width="2%" align="right"> <font size="2">
    8.</font>
    </td>
    <td width="2%">&nbsp;</td>
    <td width="78%"><font size="2">Shared Voting Power</font></td>
  </tr>
  <tr>
    <td width="15%" align="center">
    </td>
    <td width="3%"></td>
    <td width="2%">
    </td>
    <td width="2%"></td>
    <td width="78%"><font size="2">0</font></td>
  </tr>
  <tr>
    <td width="15%" align="center">
    </td>
    <td width="3%">&nbsp;</td>
    <td width="2%">
    </td>
    <td width="2%">&nbsp;</td>
    <td width="78%"><hr size="1"></td>
  </tr>

  <tr>
    <td height="17" width="15%" align="center"> <font size="2">
      Beneficially</font>
    </td>
    <td height="17" width="3%">&nbsp;</td>
    <td height="17" width="2%">&nbsp;</td>
    <td height="17" width="2%">&nbsp;</td>
    <td height="17" width="78%">&nbsp;</td>
  </tr>
  <tr>
    <td width="15%" align="center"> <font size="2">
      Owned by Each</font>
    </td>
    <td width="3%">&nbsp;</td>
    <td width="2%" align="right"> <font size="2">9.</font></td>
    <td width="2%">&nbsp;</td>
    <td width="78%"><font size="2">Sole Dispositive Power</font></td>
  </tr>
  <tr>
    <td width="15%">     </td>
    <td width="3%"></td>
    <td width="2%">     </td>
    <td width="2%"></td>
    <td width="78%"><font size="2">567,662</font></td>
  </tr>
  <tr>
    <td width="15%" align="center"><font size="2">
      Reporting</font>
    </td>
    <td width="3%">&nbsp;</td>
    <td width="2%">     </td>
    <td width="2%">&nbsp;</td>
    <td width="78%"><hr size="1"></td>
  </tr>
  <tr>
    <td width="15%">
    </td>
    <td width="3%">&nbsp;</td>
    <td width="2%">     </td>
    <td width="2%">&nbsp;</td>
    <td width="78%">

    </td>
  </tr>
  <tr>
    <td width="15%" align="center"> <font size="2">
      Person</font>
    </td>
    <td width="3%">&nbsp;</td>
    <td width="2%" align="right"> <font size="2">
      10.</font>
    </td>
    <td width="2%">&nbsp;</td>
    <td width="78%"><font size="2">Shared Dispositive Power</font></td>
  </tr>
  <tr>
    <td width="15%">
    </td>
    <td width="3%"></td>
    <td width="2%">
    </td>
    <td width="2%"></td>
    <td width="78%"><font size="2">0</font></td>
  </tr>
  <tr>
    <td width="15%" align="center"><font size="2">
      With </font>
    </td>
    <td width="3%">&nbsp;</td>
    <td width="2%">
    </td>
    <td width="2%">&nbsp;</td>
    <td width="78%">&nbsp;</td>
  </tr>
  <tr>
    <td colspan="5">
      <hr size="1">
    </td>
  </tr>
</table>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
        <TD width="1%" align="left">&nbsp;</TD>
        <TD width="3%"><font size="2">11.</font></TD>
        <TD width="96%"><font size="2">Aggregate Amount Beneficially Owned by Each Reporting Person</font></TD>
</TR>
</TABLE>
<P align="center"><font size="2">567,662</font>
<HR size="1">


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
        <TD width="1%" align="left">&nbsp;</TD>
        <TD width="3%"><font size="2">12.</font></TD>
        <TD width="96%"><font size="2">Check if the Aggregate
Amount in Row (11)&nbsp;Excludes
Certain Shares (See Instructions)</font></TD>
</TR>
</TABLE>
<P align="right"><FONT face="wingdings">&#111;</FONT>
<P>&nbsp;
<HR size="1">


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
        <TD width="1%" align="left">&nbsp;</TD>
        <TD width="3%"><font size="2">13.</font></TD>
        <TD width="96%"><font size="2">Percent of Class Represented by Amount in Row (11)</font></TD>
</TR>
</TABLE>
<P align="center"><font size="2">14.2%</font>
<HR size="1">


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
        <TD width="1%" align="left">&nbsp;</TD>
        <TD width="3%"><font size="2">14.</font></TD>
        <TD width="96%"><font size="2">Type of Reporting Person (See
Instructions)</font></TD>
</TR>
</TABLE>
<P align="center"><font size="2">CO</font>
<HR size="1">





<P align="center"><font size="2">Page 2 of 6</font>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" align="center">
<TR valign="bottom">
        <TD width="34%">&nbsp;</TD>
        <TD width="14%">&nbsp;</TD>
        <TD width="9%">&nbsp;</TD>
        <TD width="15%">&nbsp;</TD>
        <TD width="14%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="4%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="8%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD valign="top"><font size="2">CUSIP NO. G1981E10</font></TD>
        <TD></TD>
        <TD  align="left" valign="top">13D/A<font size="2"></font>
</TD>
        <TD></TD>
        <TD  align="RIGHT" valign="top"><font size="2"></font>
</TD>
        <TD></TD>
        <TD  align="center" valign="top"><font size="2"></font>
</TD>
        <TD></TD>
        <TD  align="RIGHT" valign="top"><font size="2"></font></TD>
</TR>
</TABLE>
</CENTER>
<HR size="1">


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
        <TD width="1%" align="left">&nbsp;</TD>
        <TD width="3%"><font size="2">1.</font></TD>
        <TD width="96%"> <font size="2">Names of Reporting
Persons.<BR>
I.R.S. Identification Nos. of above persons
(entities only).</font></TD>
</TR>
</TABLE>
<P align="center"><font size="2">J. Bruce Bugg, Jr.</font>
<HR size="1">


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
        <TD width="1%" align="left">&nbsp;</TD>
        <TD width="3%"><font size="2">2.</font></TD>
        <TD width="96%"> <font size="2">Check the Appropriate Box if a Member of a Group
(See Instructions)</font></TD>
</TR>
</TABLE>


<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) &nbsp;&nbsp;</font><FONT face="wingdings">&#111;</FONT>

<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) &nbsp;&nbsp;</font><FONT face="wingdings">&#111;</FONT>



<P>&nbsp;
<HR size="1">


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
        <TD width="1%" align="left">&nbsp;</TD>
        <TD width="3%"><font size="2">3.</font></TD>
        <TD width="96%"><font size="2">SEC Use Only</font></TD>
</TR>
</TABLE>
<P>&nbsp;
<HR size="1">


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
        <TD width="1%" align="left">&nbsp;</TD>
        <TD width="3%"><font size="2">4.</font></TD>
        <TD width="96%"><font size="2">Source of Funds (See Instructions)</font></TD>
</TR>
</TABLE>
<P align="center"><font size="2">AF, WC</font>
<HR size="1">


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
        <TD width="1%" align="left">&nbsp;</TD>
        <TD width="3%"><font size="2">5.</font></TD>
        <TD width="96%"><font size="2">Check if Disclosure of Legal Proceedings is Required Pursuant
to Items 2(d) or 2(e)</font></TD>
</TR>
</TABLE>
<P align="right"><FONT face="wingdings">&#111;</FONT>
<P>&nbsp;
<HR size="1">


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
        <TD width="1%" align="left">&nbsp;</TD>
        <TD width="3%"><font size="2">6.</font></TD>
        <TD width="96%"><font size="2">Citizenship or Place of Organization</font></TD>
</TR>
</TABLE>
<P align="center"><font size="2">USA</font>
<HR size="1">


<P>

<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="15%" align="center">
    </td>
    <td width="3%">&nbsp;</td>
    <td width="2%" align="right"> <font size="2">7.</font>
    </td>
    <td width="2%">&nbsp;</td>
    <td width="78%"><font size="2">Sole Voting Power</font></td>
  </tr>
  <tr>
    <td width="15%" align="center"><font size="2">
      Number of</font>
    </td>
    <td width="3%"></td>
    <td width="2%">
    </td>
    <td width="2%"></td>
    <td width="78%"><font size="2">570,351</font></td>
  </tr>
  <tr>
    <td width="15%" align="center">
    </td>
    <td width="3%">&nbsp;</td>
    <td width="2%">
    </td>
    <td width="2%">&nbsp;</td>
    <td width="78%"><hr size="1"></td>
  </tr>
  <tr>
    <td width="15%" align="center"><font size="2">
    Shares</font>    </td>
    <td width="3%">&nbsp;</td>
    <td width="2%" align="right"> <font size="2">
    8.</font>
    </td>
    <td width="2%">&nbsp;</td>
    <td width="78%"><font size="2">Shared Voting Power</font></td>
  </tr>
  <tr>
    <td width="15%" align="center">
    </td>
    <td width="3%"></td>
    <td width="2%">
    </td>
    <td width="2%"></td>
    <td width="78%"><font size="2">0</font></td>
  </tr>
  <tr>
    <td width="15%" align="center">
    </td>
    <td width="3%">&nbsp;</td>
    <td width="2%">
    </td>
    <td width="2%">&nbsp;</td>
    <td width="78%"><hr size="1"></td>
  </tr>

  <tr>
    <td height="17" width="15%" align="center"> <font size="2">
      Beneficially</font>
    </td>
    <td height="17" width="3%">&nbsp;</td>
    <td height="17" width="2%">&nbsp;</td>
    <td height="17" width="2%">&nbsp;</td>
    <td height="17" width="78%">&nbsp;</td>
  </tr>
  <tr>
    <td width="15%" align="center"> <font size="2">
      Owned by Each</font>
    </td>
    <td width="3%">&nbsp;</td>
    <td width="2%" align="right"> <font size="2">9.</font></td>
    <td width="2%">&nbsp;</td>
    <td width="78%"><font size="2">Sole Dispositive Power</font></td>
  </tr>
  <tr>
    <td width="15%">     </td>
    <td width="3%"></td>
    <td width="2%">     </td>
    <td width="2%"></td>
    <td width="78%"><font size="2">570,351</font></td>
  </tr>
  <tr>
    <td width="15%" align="center"><font size="2">
      Reporting</font>
    </td>
    <td width="3%">&nbsp;</td>
    <td width="2%">     </td>
    <td width="2%">&nbsp;</td>
    <td width="78%"><hr size="1"></td>
  </tr>
  <tr>
    <td width="15%">
    </td>
    <td width="3%">&nbsp;</td>
    <td width="2%">     </td>
    <td width="2%">&nbsp;</td>
    <td width="78%">

    </td>
  </tr>
  <tr>
    <td width="15%" align="center"> <font size="2">
      Person</font>
    </td>
    <td width="3%">&nbsp;</td>
    <td width="2%" align="right"> <font size="2">
      10.</font>
    </td>
    <td width="2%">&nbsp;</td>
    <td width="78%"><font size="2">Shared Dispositive Power</font></td>
  </tr>
  <tr>
    <td width="15%">
    </td>
    <td width="3%"></td>
    <td width="2%">
    </td>
    <td width="2%"></td>
    <td width="78%"><font size="2">0</font></td>
  </tr>
  <tr>
    <td width="15%" align="center"><font size="2">
      With </font>
    </td>
    <td width="3%">&nbsp;</td>
    <td width="2%">
    </td>
    <td width="2%">&nbsp;</td>
    <td width="78%">&nbsp;</td>
  </tr>
  <tr>
    <td colspan="5">
      <hr size="1">
    </td>
  </tr>
</table>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
        <TD width="1%" align="left">&nbsp;</TD>
        <TD width="3%"><font size="2">11.</font></TD>
        <TD width="96%"><font size="2">Aggregate Amount Beneficially Owned by Each Reporting Person</font></TD>
</TR>
</TABLE>
<P align="center"><font size="2">570,351</font>
<HR size="1">


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
        <TD width="1%" align="left">&nbsp;</TD>
        <TD width="3%"><font size="2">12.</font></TD>
        <TD width="96%"><font size="2">Check if the Aggregate
Amount in Row (11)&nbsp;Excludes
Certain Shares (See Instructions)</font></TD>
</TR>
</TABLE>
<P align="right"><FONT face="wingdings">&#111;</FONT>
<P>&nbsp;
<HR size="1">


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
        <TD width="1%" align="left">&nbsp;</TD>
        <TD width="3%"><font size="2">13.</font></TD>
        <TD width="96%"><font size="2">Percent of Class Represented by Amount in Row (11)</font></TD>
</TR>
</TABLE>
<P align="center"><font size="2">14.3%</font>
<HR size="1">


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
        <TD width="1%" align="left">&nbsp;</TD>
        <TD width="3%"><font size="2">14.</font></TD>
        <TD width="96%"><font size="2">Type of Reporting Person (See
Instructions)</font></TD>
</TR>
</TABLE>
<P align="center"><font size="2">CO</font>
<HR size="1">





<P align="center"><font size="2">Page 3 of 6</font>
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<A name="toc"><DIV align="CENTER" style="page-break-before:always"><U><B>TABLE OF CONTENTS</B></U></DIV></A>

<P><CENTER>
<TABLE border="0" width="90%" cellpadding="0" cellspacing="0">
<TR>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="76%"></TD>
</TR>
<TR><TD></TD><TD colspan="8"><A HREF="#000">Item&nbsp;5. Interest in Securities of the Issuer</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#001">Item&nbsp;6. Contracts Arrangement, Understandings or Relationships with Respect to Securities of the Issuer</A></TD></TR>
<TR><TD colspan="9"><A HREF="#002">Signature</A></TD></TR>
</TABLE>
</CENTER>
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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>


<P align="center"><FONT size="2"><B>Amendment No.&nbsp;9 to Schedule&nbsp;13D</B>
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Amendment No.&nbsp;9 to Schedule&nbsp;13D is being filed on behalf of Argyle
Partners, Ltd., a Texas limited partnership (&#147;<B><I>Argyle Partners</I></B>&#148;), and J. Bruce
Bugg, Jr. (&#147;<B><I>Mr.&nbsp;Bugg</I></B>&#148;), the sole shareholder and sole manager of Argyle
Investment Co., LLC, a Texas limited liability company, being the sole general
partner of Argyle Partners, as an amendment to the initial statement on
Schedule&nbsp;13D, relating to Ordinary Shares of Consolidated Water Co. Ltd.
purchased by Argyle Partners for the account of Argyle/Cay-Water, Ltd., a Texas
limited partnership (&#147;<B><I>ACWL</I></B>&#148;), of which Argyle Partners is the sole general
partner, as filed with the Securities and Exchange Commission (the
&#147;<B><I>Commission</I></B>&#148;) on April&nbsp;21, 1997, amended by Amendment No.&nbsp;1 to Schedule&nbsp;13D
filed with the Commission on July&nbsp;29, 1997, amended by Amendment No.&nbsp;2 to
Schedule&nbsp;13D filed with the Commission on August&nbsp;4, 1997, amended by Amendment
No.&nbsp;3 to Schedule&nbsp;13D filed with the Commission on August&nbsp;9, 1997, amended by
Amendment No.&nbsp;4 to Schedule&nbsp;13D filed with the Commission on August&nbsp;26, 1997,
amended by Amendment No.&nbsp;5 to Schedule&nbsp;13D filed with the Commission on
September&nbsp;5, 1997, amended by Amendment No.&nbsp;6 to Schedule&nbsp;13D filed with the
Commission on April&nbsp;2, 1998, amended by Amendment No.&nbsp;7 to Schedule&nbsp;13D filed
with the Commission on June&nbsp;9, 1998, and further amended by Amendment No.&nbsp;8 to
Schedule&nbsp;13D filed with the Commission on May&nbsp;9, 2002 (as amended, the &#147;<B><I>Amended
Schedule&nbsp;13D</I></B>&#148;). The Amended Schedule&nbsp;13D is hereby further amended and
supplemented as follows:
</FONT>
<!-- link2 "Item&nbsp;5. Interest in Securities of the Issuer" -->
<DIV align="left"><A NAME="000"></A></DIV>
<P align="left"><FONT size="2"><B>Item&nbsp;5. Interest in Securities of the Issuer</B>
</FONT>

<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp; As of March&nbsp;7, 2003, Argyle Partners and Mr.&nbsp;Bugg are beneficial
owners of 567,662 Ordinary Shares of the Issuer or 14.2% of the shares
outstanding. The 567,662 shares described above are beneficially owned by
Argyle Partners and Mr.&nbsp;Bugg for the account of ACWL. Mr.&nbsp;Bugg is also,
individually, the beneficial owner of an additional 2,689 Ordinary Shares of
the Issuer which when added to the 567,662 shares described above equal a total
aggregate of 570,351 shares or 14.3% of the shares outstanding.
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The number of shares beneficially owned by Argyle Partners and Mr.&nbsp;Bugg
and the percentage of outstanding shares represented thereby have been computed
in accordance with Rule&nbsp;13d-3 under the Act. The percentage of beneficial
ownership of Argyle Partners and Mr.&nbsp;Bugg on March&nbsp;7, 2003, is based on
3,987,363 outstanding Ordinary Shares of the Issuer, as reported in the
Issuer&#146;s Quarterly Report on Form&nbsp;10-Q for the quarter ended September&nbsp;30, 2002
and filed with the Commission on November&nbsp;14, 2002.
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp; Argyle Partners and Mr.&nbsp;Bugg for the account of ACWL have the
power to vote and dispose of the Ordinary Shares held by such entity.
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp; The transactions in the Issuer&#146;s securities by Argyle Partners
since January&nbsp;5, 2003 are as follows:
<P align="center"><FONT size="2">Page 4 of 6</FONT>
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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
    <TD width="26%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="37%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="center"><FONT size="1"><B>Transaction</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>Quantity</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>Price per</B></FONT></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="center"><FONT size="1"><B>Date</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center"><FONT size="1"><B>Buy/Sell</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>(shares)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>Share ($)</B></FONT></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="center"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="3"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="3"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">03/04/2003</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">Exercise of Option</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top"><FONT size="2">30,000</FONT></TD>
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" valign="top"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="top"><FONT size="2">6.75</FONT></TD>
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">03/04/2003</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">Exercise of Option</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top"><FONT size="2">30,000</FONT></TD>
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" valign="top"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="top"><FONT size="2">11.17</FONT></TD>
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>
</TABLE>
</CENTER>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp; Not Applicable.
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp; Not Applicable.
</FONT>
<!-- link2 "Item&nbsp;6. Contracts Arrangement, Understandings or Relationships with Respect to Securities of the Issuer" -->
<DIV align="left"><A NAME="001"></A></DIV>
<P align="left"><FONT size="2"><B>Item&nbsp;6. Contracts Arrangement, Understandings or Relationships with Respect to Securities of the Issuer</B>
</FONT>

<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Item&nbsp;6 of the Amended Schedule&nbsp;13D is hereby amended by adding the
following paragraphs to the end thereof:
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Issuer&#146;s Annual Report on Form&nbsp;10-K for the fiscal year ended December
31, 2001 filed with the Commission on March&nbsp;29, 2002, confirms the grant of
certain options to Mr.&nbsp;Bugg. On May&nbsp;1, 2000, the Issuer granted an option to
Mr.&nbsp;Bugg to purchase 30,000 Ordinary Shares of the Issuer. This option is
exercisable for US$6.75 per share and may be exercised any time up to May&nbsp;1,
2003. On December&nbsp;10, 2001, the Issuer granted an option to Mr.&nbsp;Bugg to
purchase 30,000 Ordinary Shares of the Issuer. This option is exercisable for
US$11.17 per share and may be exercised any time up to December&nbsp;9, 2004.
</FONT>
<P align="center"><FONT size="2">Page 5 of 6</FONT>
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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<!-- link1 "Signature" -->
<DIV align="left"><A NAME="002"></A></DIV>
<P align="center"><FONT size="2"><B>Signature</B>
</FONT>

<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;After reasonable inquiry and to the best of my knowledge and belief, the
undersigned certifies that the information set forth in this statement is true,
complete and correct.
</FONT>
<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
    <TD width="31%">&nbsp;</TD>
    <TD width="13%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="45%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">Dated: March 7, 2003</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top" colspan="3"><FONT size="2">Argyle Partners, Ltd.</FONT></TD>
</TR>
<TR><TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
By:
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">Argyle Investment Co., LLC, as<BR>
general partner</FONT></TD>
</TR>

<tr><TD><FONT size="2">&nbsp;</FONT></TD></tr>
<tr><TD><FONT size="2">&nbsp;</FONT></TD></tr>

<TR>
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2"></FONT></TD>
<TD><FONT size="2">/s/ J. BRUCE BUGG, JR.<HR size="1" noshade></FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Name:<BR>
Title:
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2"></FONT><FONT size="2">
J. Bruce Bugg, Jr.<BR>
Chairman and Chief Executive Officer</FONT></TD>
</TR>
<TR><TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top" colspan="3"><FONT size="2"><BR>J. BRUCE BUGG, JR.<BR><BR><BR>
</FONT>/s/ J. BRUCE BUGG, JR.<HR size="1" noshade><FONT size="2">
J. Bruce Bugg, Jr.</FONT></TD>
</TR>
</TABLE>
</CENTER>

<P align="center"><FONT size="2">Page 6 of 6</FONT>



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