Manila Water gains control of Wawa Dam for P37.8B
Manila Water Company Inc. is set to assume full control of a massive water supply dam in Rizal province through a P37.8-billion acquisition deal with the latter’s operator.
The group bared on Monday its move to acquire 100 percent of WawaJVCo, Inc., which operates the Wawa Bulk Water Supply Project, from Prime Infrastructure Inc. and its minority shareholders. The multibillion-peso transaction is expected to be closed in August.
This would allow Manila Water to operate both components of the reservoir, the Tayabasan Weir and the Upper Wawa Dam, a development seen as strategic given the former’s technical expertise in managing water systems. It currently sources a significant portion of its supply from Angat Dam in Bulacan.
The Tabasan Weir, which has a capacity of 80 million liters per day (MLD), has been operating since late 2022.
The Upper Wawa Dam, meanwhile, promises a supply capacity of up to 710 MLD once it begins its commercial operations by December. It was completed in June, seven months ahead of schedule.
Manila Water noted the deal would “provide greater focus and flexibility in water resource allocation, while allowing for more efficient operations and overall cost management of the facility.”
Prime Infra, the infrastructure business arm of billionaire Enrique Razon, Jr., fully owns Trident Water Company Holdings, Inc., which in turn holds 56.91 percent of the outstanding common stock of Manila Water.
“This transaction underscores Prime Infra’s strategic commitment to the water sector. By consolidating our assets under Manila Water as our core water infrastructure platform, we are enhancing system integration, operational efficiency, and service delivery,” Prime Infra president and chief executive Guillaume Lucci said in a separate statement.
“This consolidation allows us to unlock greater value from our portfolio and strengthens our position as a leader across the entire water value chain,” the executive added.
Manila Water serves as the east zone concessionaire of Metro Manila, covering parts of Marikina, Pasig, Makati, Taguig, Pateros, Mandaluyong, San Juan, portions of Quezon City and Manila, and several towns in Rizal province.
