Razon-led infrastructure company invests ₱10.7 billion in Manila Water
Prime Metroline Holdings Inc., on behalf of a company to be incorporated, signed with Manila Water a Subscription Agreement for the acquisition of 820 Mn common shares of Manila Water which represents a 25% stake in the Company at a price of Php13/share. The entry of Prime, which is led by businessman Enrique Razon Jr., as a strategic investor to Manila Water is expected to bolster Manila Water’s ability to provide reliable, efficient and sustainable water and wastewater services in the East Zone and at the same time pursue growth initiatives both domestically and globally. The Razon group brings with it its expansive global reach and business expertise; with operations in Asia Pacific, Latin America, Middle East and Africa, to Manila Water.
The placement brings ₱10.7 billion in additional equity capital for Manila Water and is expected to strengthen the Company’s balance sheet and allow it to be more agile to pursue its long-term strategic initiatives.
“Our partnership with the Razon group will result in clear synergies to achieve Manila Water’s long-term goal of providing sustainable water and wastewater services to our customers in the East Zone of Metro Manila and in the other markets we serve,” Fernando Zobel de Ayala, Manila Water Chairman said. “Our partnership combines our respective technical and management expertise. Looking beyond our domestic businesses, the extensive global experience of Mr. Razon through his port operations opens more opportunities for Manila Water to serve new markets.”