A UNIT of Manila Water Co. has completed the sale of its holdings in two utilities in Bulacan to SMC Bulacan Water Services Corp.
Manila Water said the closing conditions for the sale by Filipinas Water Holdings Corp. (FWHC) constituting 90 percent stake in Bulakan Water Co. Inc. (BWCI) and 90 percent stake in Obando Water Co. Inc. (OWCI) to SMC Bulacan were complied yesterday.
Manila Water said in a disclosure to the Philippine Stock Exchange yesterday, total purchase price for the shares remained at P1.02 billion which will be utilized to “fund other strategic initiatives.”
The company added with the completion of the transaction, amendments to respective joint venture agreements were also executed yesterday, wherein SMC Bulacan replaced FWHC as the joint venture partner of the water districts.
BWCI operates the concession for the provision of water and sanitation services in the municipality of Bulakan while OWCI operates the concession in the municipality of Obando, both in the province of Bulacan.
