AYALA AFFILIATE INKS 25-YR DEAL WITH OBANDO WATER DISTRICT
Ayala group affiliate Obando Water Co. Inc. (OWCI) signed with the Obando Water District (OWD) a 25-year concession agreement to build, operate and manage water facilities and provide services in that Bulacan town.
This brings into motion a partnership deal with OWD for the setting up a P98-million joint venture company, which is OWCI.
Obando Water Consortium Holdings Corp.—a subsidiary of Manila Water Co. Inc.—has a 90-percent stake in or P88.2 million of the outstanding capital stock of OWCI.
Obando Water is a consortium of Manila Water and its wholly owned subsidiary, Manila Water Philippine Ventures Inc., with the latter holding 51 percent of the issued and outstanding capital stock.
Obando Water and OWD earlier announced the signing of a joint venture agreement to improve the provision of water supply and sanitation services in the town of Obando.
OWD’s services cover nine barangays with about 50,000 residents.
The partnership was set to undertake the design, construction, rehabilitation, operation, maintenance, financing, expansion and management of water facilities.
Further, through a concession agreement, the joint venture is also intended to deliver water and sanitation services in Obando.
Through OWCI, the partners plan to implement improvement programs that “will soon enable customers to enjoy safe, reliable, continuous water supply 24hours, seven days a week.”
Also, Obando Water will ensure increased access to water supply and sanitation services, which. will allow the water district to serve more households and commercial customers.