Ayala Corp on Monday said that billionaire Enrique Razon bought 25% of Manila Water, bringing PHP 10.7 billion in fresh funding to the utility that has come under government inquiry.
Ayala Corp said that it would retain a 38.6% stake in Manila Water, which supplies water to the Philippine capital’s east zone. Prime Metroline Holdings, a company led by Enrique Razon, will form a company “Trident Water” for the transaction.
In a disclosure to the stock exchange before the start of trading, Manila Water said that Razon bought 820 million common shares at PHP 13.00 each.
According to Ayala Corp Chairman and CEO Jaime Augusto Zobel de Ayala, both Ayala and Razon shared “a deep commitment to contributing to the country’s water infrastructure development.”
Enrique Razon said that the partnership with the Ayalas might “further develop this unique business both here in the Philippines and abroad.” He added that their collective experience, technical capabilities, and corporate synergies would benefit Manila Water, its people, and its stakeholders.
Meanwhile, Ayala Corp President and COO Fernando Zobel de Ayala said that Manila Water would influence on Razon’s experience on overseas operations in order to expand Manila Water to Southeast Asia.
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