Manila Wa­ter inks 25-year con­ces­sion for Bu­la­can mu­nic­i­pal­ity

Business World - - CORPORATE NEWS - Vic­tor V. Saulon

MANILA Wa­ter Co., Inc. on Thurs­day said its joint ven­ture com­pany had signed a 25-year con­ces­sion agree­ment with Obando’s wa­ter district to de­velop the wa­ter sup­ply sys­tem of the Bu­la­can mu­nic­i­pal­ity.

The Ayala- led com­pany told the stock ex­change that the agree­ment be­tween Obando Wa­ter Co., Inc. and the Obando Wa­ter District cov­ers the de­sign, con­struc­tion, re­ha­bil­i­ta­tion, op­er­a­tion, main­te­nance, fi­nanc­ing, ex­pan­sion and man­age­ment of wa­ter fa­cil­i­ties in the mu­nic­i­pal­ity.

The deal also cov­ers the pro­vi­sion of wa­ter and san­i­ta­tion ser­vice in the area.

Obando Wa­ter is a joint ven­ture be­tween Obando Wa­ter Con­sor­tium Hold­ings Corp. and the town’s wa­ter district. The hold­ing firm holds 90% of the joint ven­ture while Obando Wa­ter District owns the re­main­ing 10% of the cap­i­tal stock.

The hold­ing firm is a con­sor­tium of Manila Wa­ter and its wholly owned sub­sidiary Manila Wa­ter Philip­pine Ven­tures, Inc. Their own­er­ship stake is 49% and 51%, re­spec­tively.

Manila Wa­ter pre­vi­ously said the Obando pro­ject is line with its aim of bring­ing its ex­per­tise in wa­ter and used wa­ter ser­vices out­side of its Manila con­ces­sion.

To achieve this goal, Manila Wa­ter part­ners with pri­vate com­pa­nies, lo­cal govern­ment units and wa­ter dis­tricts in big cities in the Philip­pines and Asian coun­tries.

Manila Wa­ter pro­vides wa­ter and wastew­a­ter ser­vices to Metro Manila’s east zone con­ces­sion area cov­er­ing the cities of Makati, Man­daluy­ong, Pasig, Pateros, San Juan, Taguig and Marik­ina. It is also in charge for the south­east­ern parts of Que­zon City and Sta. Ana and San An­dres in Manila.

On Thurs­day, shares in Manila Wa­ter slipped by 0.32% to P31.50 each. —

Newspapers in English

Newspapers from Philippines

© PressReader. All rights reserved.