Manila Water (Thailand) Co. Ltd., a subsidiary of Manila Water Company, Inc., through Manila Water Asia Pacific Pte. Ltd., signed a THB5.30 billion, 5-year term loan facility with Mizuho Bank, Ltd. – Bangkok Branch and Bank of Ayudhya Public Company Limited to take out the previous bridge loan used to finance the acquisition of an 18.72% equity stake in Eastern Water Resources Development and Management Public Company Limited.
Manila Water continued on its path to growth in 2018, posting net income increase of 6% from the previous year to reach P6.5 billion. This was driven largely by the steady performance of the Manila Concession, bolstered by the approval of its positive tariff adjustment and Business Plan. Beyond the Manila Concession, new business wins and acquisitions establish an ideal platform for further market expansion.
Earlier this week, the Consortium of Manila Water Company, Inc. and its wholly-owned subsidiary Manila Water Philippine Ventures signed a joint venture agreement with Tanauan Water District to implement a project that will improve the provision of water supply and sanitation services in the City of Tanauan in the Province of Batangas.