Prime Strategic Holdings Inc completed the acquisition of 0.02% stake in Manila Water Company, Inc. from Ayala Corporation (PSE:AC) for PHP 6 million.
May 24, 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.
Prime Strategic Holdings Inc completed the acquisition of 0.02% stake in Manila Water Company, Inc. (PSE:MWC) from Ayala Corporation (PSE:AC) for PHP 6 million on May 25, 2021. As of May 25, 2021, 462,660 common shares of MWC were tendered pursuant to the Tender Offer. Following the completion of the Tender Offer, Prime Strategic Holdings Inc. directly owns 29,589,500 common shares of MWC and through is holding subsidiary Prime Strategic owns 870,462,660 common shares of MWC and (ii) has voting rights over 2,691,268,205 preferred shares of MWC to be acquired by its holding subsidiary.
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 Strategic Holdings Inc completed the acquisition of 0.02% stake in Manila Water Company, Inc. from Ayala Corporation (PSE: AC) for PHP 6 million.
MANILA WATER COMPANY, INC. 
