EKR firms up control over Manila Water
Bilyonaryo Enrique K. Razon Jr. is acquiring P4.84 billion worth of Manila Water Co. preferred shares, firming up control over the global utility firm.
Bilyonaryo Enrique K. Razon Jr. is acquiring P4.84 billion worth of Manila Water Co. preferred shares, firming up control over the global utility firm.
In a disclosure to the stock exchange, Manila Water said Ayala-led Philwater Holdings Co. Inc. sold to Razon’s Trident Water Company Holdings Inc. 2.69 billion shares in Manila Water, representing a 39.09 percent voting stake and 8.19 percent economic stake in the utility firm.
The shares were sold at P1.80 per share for a total of P4.84 billion, of which P100 million will be payable on or before three business days from signing of the deal, P2.37 billion payable on or before 4 years from the execution of the share purchase agreement while the remaining balance of P2.37 billion payable on or before 5 years.
Manila Water said the rights and title to the shares, except voting rights covered by the proxies, which shall be executed upon the execution of the shareholders’ agreement, shall not be transferred until all payments are made.
Dividends earned by the preferred shares shall continue to be for the account of Philwater until full payment has been made.
In March last year, Triden acquired 25 percent of Manila Water in a deal valued at P10.66 billion. As part of the agreement, Trident obtained 51 percent voting rights in Manila Water.
Source: Bilyonaryo