Manila Water inks deal with Bulacan Water District
The consortium of Manila Water Company, Inc. and its wholly-owned subsidiary, Manila Water Philippine Ventures, signed a joint venture agreement with the Bulacan Water District for the design, construction, rehabilitation, maintenance, operation, financing, expansion and management of the water supply system and sanitation facilities of the water district.
The partnership seeks to improve the accessibility and quality of water supply to more than 12,000 residents of the municipality of Bulakan in the province of Bulacan including the provision of sanitation services.
Under the agreement, the parties shall form a joint venture company that will have an outstanding capital stock of Php150 million where the Manila Water consortium shall subscribe to 90% of the outstanding capital stock amounting to Php135 million and the water district shall hold the remaining 10% of the outstanding capital stock with a total amount of Php15 million.
This is Manila Water’s second partnership with a water district in the Province of Bulacan following the 25-year concession agreement with Obando Water District at the start of this year. In 2017, the company also acquired the rights to provide water supply services in communities developed by Asian Land Strategies Corporation, Solar Resources, Inc., and Borland Development Corporation through its operating unit., Bulacan Water.