MWC to seal Wawa Dam takeover by September
Razon-led Manila Water Company Inc. (MWC) expects to complete the takeover of WawaJVCo, Inc., operator of a water supply dam in Rizal province, by September.
The group told the local bourse on Monday that it had inked a share purchase agreement with Prime Infrastructure Inc. for the move, which was valued earlier at P37.8 billion.
This came just less than two months after Manila Water had announced its decision to acquire 100 percent ownership in WawaJVCo from Prime Infrastructure and minority shareholders.
The Initial payment reaching P6.11 billion will be provided by December, with the final settlement set by the end of January of next year.
In an earlier disclosure, the company said the deal would allow Manila Water to manage both the Tayabasan Weir and the Upper Wawa Dam, a development that is seen as strategic given the former’s technical expertise to manage the Wawa Dam system.
The Tabasan Weir, which has a capacity of 80 million liters per day (MLD), has been in operation since late 2022. The Upper Wawa Dam, meanwhile, promises a supply capacity of up to 710 MLD once it begins commercial operations by December.
Last week, Manila Water president and chief executive officer Jocot de Dios said getting WawaJVCo under its operations would help the group “establish an integrated approach to water distribution across our network, resulting in better levels of efficiency and reliability in our operations.”
Manila Water serves the east zone of Metro Manila, covering parts of Marikina, Pasig, Makati, Taguig, Pateros, Mandaluyong, San Juan, Quezon City, Manila and several towns in Rizal.
