Manila Water seals P37.8-B WawaJVCo takeover
Manila Water Company Inc. has completed its acquisition of WawaJVCo Inc., another unit of the Razon Group behind the water supply dam in Rizal province, for P37.8 billion.
The group disclosed to the local bourse on Wednesday that the closing conditions for the deal had been met just this week.
This came three months after its parent Prime Infrastructure Inc. had decided to consolidate its water projects into Manila Water, with the latter taking 100 percent ownership of WawaJVCo.
Trident Water Company Holdings Inc., a subsidiary of Prime Infra, holds 56.91 percent of the outstanding common stock of Manila Water.
Gaining control of the firm allows Manila Water to take charge of both the Tayabasan Weir and the Upper Wawa Dam, which were designed to boost Metro Manila’s water supply.
Tayabasan Weir, which has a capacity of 80 million liters per day (MLD), has been up and running since late 2022.
Upper Wawa Dam, meanwhile, will have a supply capacity of up to 710 MLD once it begins its commercial operations by December.
The move is seen to provide greater focus and flexibility in water resource allocation, make operations efficient and better control costs.
