Manila Water bags contract for Obando project
MANILA WATER Co., Inc. bagged the project to develop the water supply system of Obando in Bulacan province, the Ayala-led company told the stock exchange on Tuesday.
In a disclosure, Manila Water said its consortium with wholly owned subsidiary Manila Water Philippine Ventures, Inc. received the notice of award from the Obando Water District (OWD) on Tuesday.
The award is for the “design, construction, rehabilitation, maintenance, operation, financing, expansion, and management of the water supply system and sanitation facilities” of Obando.
“Upon completion of the conditions precedent specified in the notice, the consortium and the OWD shall enter into a joint venture agreement that will require the formation of a joint venture company which will implement the Project,” Manila Water said.
After the agreement, the joint venture company will enter into a concession agreement with the water district where the latter will grant the company to perform certain functions as a contractor.
It will also be given “the sole right to develop, manage, operate, maintain, repair, refurbish and improve, expand and as appropriate decommission, the facilities in the sevice area, including the right to bill and collect tariff for water and sanitation services supplied in the service area of OWD.”
In December, Manila Water won the award for a project that will jointly develop the water supply system of Calasiao town in Pangasinan province.
On Tuesday, shares in Manila Water rose 0.82% to P30.65 each. —