Filinvest taps Singapore firm for venture into water business

Filinvest Development Corp. (FDC) is expanding its water-related investments through a partnership with a Singapore-based company.

In a disclosure to the Philippine Stock Exchange (PSE) yesterday, FDC said it is partnering with Singapore-based Hitachi Aqua-Tech Engineering Pte. Ltd. for a joint venture corporation that would distribute water within the Philippines.

“FDC has entered into an agreement with Hitachi AquaTech Engineering Pte. Ltd. for purposes of forming a joint venture corporation to engage in the business of owning, constructing, operating, managing, maintaining, or rehabilitating waterworks, sewerage and sanitation systems and services for the distribution, supply, and sale of potable water to domestic, commercial, and industrial users within the Philippines,” FDC said.

Hitachi Aqua-Tech, founded in 1977, has almost four decades of experience in water treatment, providing the latest technologies and techniques.

The company also has a reputation of design innovation and creative engineering in the areas of pools, fountains, water theme parks, irrigation systems and water features.

It provided a one-stop solutions for resorts, hotels, residential and commercial facilities and municipalities developers.

FDC has investments in property through Filinvest Land Inc., power generation through FDC Utilities and banking through EastWest Bank.

As early as 2014, the company has been looking to enter the water distribution business by bidding for projects offered under the government’s public private partnership (PPP) initiative.

It earlier secured bid documents for the P24.4-billion Bulacan bulk water supply project.

It also expressed interest in making potential bids for the P18.7-billion Kaliwa Dam project and the P123-billion Laguna Lakeshore expressway dike project.

In the second quarter of the year, FDC’s net income stood at P3.35 billion, two percent lower year on year.

Total revenue and other income rose eight percent to P20.6 billion, slower than the 15 percent growth in total costs and expenses to P15.35 billion.

For the first six months, FDC’s net income climbed 19 percent to P6.13 billion, while total revenue and other income grew 15 percent to P41.61 billion.