Prime Metroline Holdings Inc. made an offer to acquire 61.4% stake in Manila Water Company, Inc. for approximately PHP 16.5 billion.
February 06, 2020
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Prime Metroline Holdings Inc. made an offer to acquire 61.4% stake in Manila Water Company, Inc. (PSE:MWC) for approximately PHP 16.5 billion on February 7, 2020. The offer price is PHP 13 per share. The official said Ayala Corp.—which is owned by the billionaire Zobel family—would not be selling their remaining 38.6% stake in Manila Water. The transaction is subject to due diligence, waiver of pre- emptive rights, compliance with Philippine Competition Commission and third party consent. As of August 25, 2020, the transaction has been approved by The Philippine Competition Commission. Silverio Benny J. Tan of Picazo Buyco Tan Fider & Santos acted as legal advisor for Prime Metroline.
Manila Water Company, Inc. provides water, integrated used water, sewerage and sanitation, distribution services, pipework, engineering, procurement and management services. Its segments include Manila Concession and Head Office, Domestic Subsidiaries and Foreign Subsidiaries. The Manila Concession and Head Office represents the operations of the Manila Concession (East Zone) of the Parent Company in accordance with its Concession Agreement. The Domestic Subsidiaries include Philippine businesses, such as MWIS, Calasiao Water, MWPVI (including Boracay Water, Calbayog Water, Clark Water, Filipinas Water, Bulakan Water, Ilagan Water, South Luzon Water, Obando Water, Laguna Water, North Luzon Water, Davao Water, Tagum Water, MW Consortium, Cebu Water, Aqua Centro, BMDC, EcoWater, Leyte Water, MWTV, and Zamboanga Water). The Foreign Subsidiaries consist of businesses outside the Philippines under Manila Water Asia Pacific Pte. Ltd. (KDWH, MWSAH, TDWH, MWTH, MWTC, MSEA, and PTMWI).
MANILA WATER COMPANY, INC. 
