Manila Water divests from Bulacan water companies

MANILA Water Co., Inc. announced on Thursday its subsidiary’s divestment from Bulakan Water Co., Inc. (BWCI) and Obando Water Co., Inc. (OWCI) for a total of P1.02 billion to fund other initiatives.

Filipinas Water Holdings Corp. (FWHC) has signed a share purchase agreement with SMC Bulacan Water Services Corp. for the sale of all of FWHC’s interests, Manila Water said in a regulatory filing.

The interests constituted a 90% stake in BWCI, amounting to 135 million shares, and a 90% stake in OWCI, amounting to 88.2 million shares.

BWCI is a joint venture corporation with Bulacan Water District to operate the concession for the provision of water and sanitation services in Bulacan town.

Meanwhile, OWCI is a joint venture corporation with Obando Water District to operate the concession in the Municipality of Obando, both in the province of Bulacan.

Manila Water serves the east zone network of Metro Manila, covering parts of Marikina, Pasig, Makati, Taguig, Pateros, Mandaluyong, San Juan, portions of Quezon City and Manila, and several towns in Rizal province. — Sheldeen Joy Talavera