August 13, 2025 | 12:00am
MANILA, Philippines — Billionaire Enrique Razon Jr. is shifting a step nearer to consolidating his water enterprise, with Manila Water Co. Inc. gearing up for the P38-billion buyout of WawaJVCo Inc. subsequent month.
This comes after Manila Water finalized a share buy settlement (SPA) with Prime Infrastructure Inc. to accumulate the latter’s pursuits in WawaJVCo, the operator of Wawa Bulk Water Provide challenge in Rizal.
“Closing shall be topic to customary situations precedent for transactions of comparable nature, and is anticipated to be accomplished by Sept. 30, 2025,” Manila Water stated in a inventory alternate submitting yesterday.
Manila Water, which serves the east zone of Metro Manila, and Prime Infra earlier signed a binding time period sheet involving 3.05 million widespread shares and 4.76 million non-voting most well-liked shares.
The whole buy worth of about P37.8 billion will likely be paid in installments, with the preliminary fee of P6.11 billion focused on Dec. 15.
The ultimate installment, in the meantime, will likely be settled in January subsequent 12 months, topic to changes to steadiness sheet objects from SPA signing to time limit.
Manila Water has stated the WawaJVCo acquisition is aligned with its long-term operational and water safety targets.
“This may present larger focus and suppleness in water useful resource allocation, whereas permitting for extra environment friendly operations and total price administration of the ability,” the corporate stated.
The Wawa Bulk Water Provide challenge contains the Higher Wawa Dam, the most important water provide dam to be constructed within the Philippines in over 50 years.
