MPIC eyeing water business expansion in SE Asia

Metro Pacific Investments Corp. (MPIC) is looking at Indonesia and two other countries in Southeast Asia to expand its water business.

“We’re still looking at a number of ASEAN countries, two or three of them. Nothing final yet,” MPIC chairman Manuel V. Pangilinan said on the sidelines of the Philippine Business for Social Progress’ annual general meeting.

Pangilinan said MPIC wants to complete the deal with its Indonesian partner within the year.

In November last year, MPIC said it is open to expanding its partnership with Indonesian infrastructure holding firm PT Nusantara Infrastructure Tbk in other sectors including water and energy after forging a tie-up for tollways.

MPIC, through tollway arm Metro Pacific Tollways Corp., has a 48.27 percent indirect stake in Nusantara Infrastructure.

Nusantara Infrastructure is into road operations, seaport management, water utility management, renewable energy power plant and telecommunication tower management.

Also in November last year, MPIC, through subsidiary MetroPac Water Investments Corp., made its foray in Vietnam’s water market by entering into an agreement to acquire 45 percent of the outstanding capital stock of BOO Phu Ninh Water Treatment Plan Joint Stock Co. (PNW).

PNW is licensed to develop a water supply system in the Chu Lai Open Economic Zone, as well as in the urban areas, industrial zones and adjacent rural areas in Quang Nam province.

The Vietnamese water company is close to completing the construction of a water treatment plant with capacity of 25 million liters per day (MLD) and has a potential to increase its capacity to 300 MLD.

Pangilinan earlier said MPIC is looking to undertake a Pan-Asean strategy for both its water and tollway businesses.