Manila Water Co. Inc. subsidiary Manila Water Philippine Ventures (MWPV) took over full ownership of Davao Del Norte Water Infrastructure Co. Inc. (Davao Water).
While it did not disclose the amount involved, the company said the acquisition is in line with the direction to maximize the business potential of existing ventures and take on opportunities for growth and expansion in Visayas and Mindanao.
Prior to the deal, MWPV held a 51- percent stake while iWater held a 49 percent equity interest in Davao Water.
In 2015, Davao Water formalized a joint venture agreement with the Tagum City water district and formed Tagum Water Co. Inc. for a 15-year water project that will undertake the construction of a bulk water supply system in the city.
Among the projects lined up by Davao Water in Tagum City are an intake structure through riverbank filtration, a water treatment plant with a capacity of 38 million liters per day, transmission pipeline and a 5,000-cubic-meter water reservoir.
Upon completion of the contract by 2035, the project which started to deliver water in May 2020 is expected to benefit over 290,000 customers and serve the water requirements of various commercial and industrial establishments in Tagum City. – Jed Macapagal
