The Daily Tribune
Manila Water unloads P1.1-B stake in Thai utility
Manila Water Company Inc. (MWC) has divested its entire 18.72 percent stake in Thailand's Eastern Water Resources Development and Management Public Company Limited (East Water) for P1.10 billion.
The sale, conducted by MWC's subsidiary Manila Water (Thailand) Co. Ltd., involved 311,443,190 ordinary shares sold to Mr. Bhavin Kunaderekwong for 622.9 million baht.
MWC stated that this divestment aligns with its strategic focus on prioritizing operational control and long-term value creation.
The company plans to reallocate the capital and management resources from this non-core asset to other strategic initiatives.
This move follows MWC's recent financial performance, which saw a 15 percent increase in net income to nearly P8 billion and a 15 percent rise in EBITDA to P14.6 billion in the first half of the year.
Revenue growth in the East Zone was propelled by an 11 percent increase, attributed to a tariff adjustment in January.
MWC also recently acquired a significant stake in WawaJVCo Inc., intending to integrate the Wawa Dam system into its East Zone operations.
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