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Ayala exits Manila Water
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Prime Infra boosts water business with entry in Manila Water
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BusinessWorld
June 4, 2021 | 5:59 pm
MANILA WATER Co. Inc. is now led by ports tycoon Enrique K. Razon, Jr. after his Trident Water Co. Holdings, Inc. completed its tender offer on June 3.
In a stock exchange disclosure on Friday, Manila Water announced that Trident Water led by Mr. Razon now has 51% voting interest in the east zone water concessionaire.
The water provider also disclosed that Mr. Razon was appointed as its director, chairman of the board of directors, president and chief executive officer, and chairman and member of the executive committee, effective June 3.
In turn, Manila Water said Fernando Zobel de Ayala stepped down as its chairman of the board of directors, chairman and member of the executive committee, and member of the talent and remuneration committee.
BusinessWorld
February 17, 2021 | 12:06 am
A SUBSIDIARY of Ayala Corp. has agreed to sell its preferred shares in Manila Water Co., Inc. to Trident Water Co. Holdings, Inc. as control over the water concessionaire continues to shift.
In a regulatory filing on Tuesday, Ayala Corp. said its wholly owned unit Philwater Holdings Co., Inc. executed a share purchase agreement on Feb. 15, which sold 2.69 billion of its preferred shares in Manila Water to Trident Water owned by Enrique K. Razon, Jr.
The company said the preferred shares are equivalent to a 39.09% voting stake and 8.19% economic stake in Manila Water.
According to the disclosure, the purchase price of the preferred shares was at P1.80 per share, equivalent to a total of P4.84 billion.