Maynilad wins cornerstone investor support

Tycoon Manuel V. Pangilinan said on Monday that a major investor has committed to back Maynilad Water Services Inc.’s P45.8-billion planned initial public offering (IPO).
Pangilinan, who chairs the water utility firm, said one of the two cornerstone investors had already confirmed their participation.
“The other one, we’re still waiting. Hopefully, the latest is September to get their approval,” he told reporters on Monday, while declining, however, to name the potential investors.
“Hopefully, we could get back on the saddle by October. And get it listed, get the shares listed on or before the end of the year. That’s the tentative timeframe,” he said.
Maynilad initially wanted to go public in July.
However, in June, the West Zone concessionaire bared the decision to delay its IPO following the request of these investors for more time to complete their internal approval processes.
It was also during this month that a new war erupted in the Middle East, involving Israel and Iran. But this has since eased after a 12-day armed conflict.
Concession
Based on its June 22 statement, Maynilad said it had tapped BPI Capital Corp. as the domestic lead underwriter, while The Hongkong and Shanghai Banking Corporation Limited, Morgan Stanley Asia (Singapore) Pte. and UBS AG, Singapore Branch would be the international underwriters.
Maynilad is the water and wastewater services provider for the West Zone, covering 17 cities and municipalities in Metro Manila and Cavite.
It earlier secured approval for a 10-year extension of its concession, or until January 2047.
The concession agreement of Maynilad with the Philippine government, through the Metropolitan Waterworks and Sewerage System, requires it to offer at least 30 percent of its shares to the public.
It needs to launch its IPO before January 2027.