Prime Metroline Transit Corporation made an offer to acquire a 54.16% stake in Manila Water Company, Inc. from Ayala Corporation (PSE:AC) for PHP 14.5 billion.
April 11, 2021
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Prime Metroline Transit Corporation made an offer to acquire a 54.16% stake in Manila Water Company, Inc. (PSE:MWC) from Ayala Corporation (PSE:AC) for PHP 14.5 billion on April 8, 2021. Under the term, Prime Metroline Transit Corporation will acquire 1.12 billion shares of Manila Water Company for PHP 13 per share. The tender offer shares are intended to be crossed at the PSE on or about May 31, 2021 (the “Cross Date”), subject to regulatory approvals.
The tender offer will open on April 27, 2021 and will close on May 25, 2021. The sale and purchase of the accepted tender offer shares shall be settled on June 3, 2021 (the “Settlement Date”), subject to any extension of the tender offer period with the approval of the SEC. Multinational Investment Bancorporation acted as a financial advisor and fairness opinion provider to Prime Metroline Transit Corporation.
BPI Securities Corporation acted as a tender offer agent in this transaction. BPI Stock Transfer Agency acted as transfer agent and Philippine Depository & Trust Corporation acted as depository for Manila Water Company.
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).
Prime Metroline Transit Corporation made an offer to acquire a 54.16% stake in Manila Water Company, Inc. from Ayala Corporation (PSE: AC) for PHP 14.5 billion.
MANILA WATER COMPANY, INC. 
