Filinvest inks deal for water business

Gotianun-led Filinvest Development Corp. (FDC) on Thursday said it has signed an agreement with Singapore-based Hitachi Aqua-Tech Engineering Ptd. Ltd. for a joint venture company to engage in the water supply business.

In a disclosure to the stock exchange, the listed holding company of the Filinvest group said the joint venture corporation will be involved in “owning, constructing, operating, managing, maintaining, or rehabilitating waterworks, sewerage and sanitation systems and services.”

FDC’s consolidated net income rose 16 percent in the first half, to P8 billion from P6.9 billion.

The company to be formed will also distribute, supply and sell potable water to domestic, commercial and industrial users in the country.

The agreement was signed on 20 August. FDC’s foray into the water business comes as other companies also seek to expand their water business in and outside of Metro Manila in the face of supply shortages.

Through its units, FDC is also involved in mall, theater and resort hotel operations, banking and financial services, sugar farming and milling as well as power generation.

FDC’s consolidated net income rose 16 percent in the first half, to P8 billion from P6.9 billion in the same period last year, driven by contributions from its property arm Filinvest Land, Inc. and banking EastWest bank, as well as its sugar and power businesses.

FDC’s shares sold for P13.80 apiece as of Thursday.