Manila Water signs P10.7-B deal with Razon group
Credit to Author: THE MANILA TIMES| Date: Mon, 03 Feb 2020 02:48:32 +0000
MANILA Water Co. Inc. clinched a P10.7 investment deal with Prime Metroline Holdings Inc., the infrastructure company of tycoon Enrique Razon Jr.
In a disclosure on Monday, Manila Water announced that both parties signed a subscription agreement to acquire 820 million common shares of the Ayala-led utility.
The transaction represents a 25-percent stake in the listed firm valued at P13 apiece.
“The entry of Prime which is led by businessman Enrique Razon Jr., as a strategic investor to Manila Water is expected to bolster Manila Water’s ability to provide reliable, efficient and sustainable water and wastewater services in the East Zone and at the same time pursue growth initiatives both domestically and globally,” Manila Water said.
“The Razon group brings with it its expansive global reach and business expertise with operations in Asia Pacific, Latin America, Middle East and Africa, to Manila Water,” it added.
Manila Water Chairman Fernando Zobel said the partnership with the Razon group would “result in clear synergies to achieve Manila Water’s long-term goal of providing sustainable water and wastewater services to our customers in the East Zone of Metro Manila.”