Manila Water Co. Inc. through its subsidiary Filipinas Water Holdings Corp. (FWHC) signed a share purchase agreement with SMC Bulacan Water Services Corp. for the sale of all of FWHC’s interests constituting 90 percent stake in Bulakan Water Co. Inc. (BWCI) and 90 percent stake in Obando Water Co. Inc. (OWCI).
In a disclosure to the Philippine Stock Exchange yesterday, Manila Water said the total purchase price of the deal is P1.02 billion.
BWCI is FWHC’s joint venture corporation with Bulakan Water District which holds the concession for the provision of water and sanitation services in the municipality of Bulakan. OWCI is its joint venture corporation with Obando Water District and holds the concession in the municipality of Obando.
Prior to this, San Miguel Corp. through its Luzon Clean Water Development Corp. (LCWDC) provided water services to the whole province of Bulacan through the Bulacan bulk water supply project (BBWSP), a public private partnership project of the national government.
LCWDC vowed to make available potable and affordable water from the Angat reservoir to more than 350,000 households in Bulacan by early 2025 as it starts implementation of Stage 3A of the BBWSP covering the water districts of Baliwag, Norzagaray, Hagonoy, Pandi, San Ildefonso, San Miguel and San Rafael.
LCWDC currently supplies treated bulk water to 13 water districts of Bulacan that, in turn, distribute to 220,000 households in Balagtas, Bocaue, Marilao, City of Meycauayan, Obando, City of San Jose Del Monte, Bulakan, Calumpit, Guiginto, City of Malolos, Paombong, Plaridel and Sta. Maria.
