A wholly owned subsidiary of Manila Water Co. Inc. has acquired full ownership of Davao del Norte Water Infrastructure Co. Inc. in line with the group’s plans to expand in the Visayas and Mindanao regions.
In a disclosure to the Philippine Stock Exchange last March 10, 2022, Manila Water said Manila Water Philippine Ventures (MWPV) acquired all the shares of iWater Inc. in Davao Water.
Prior to the purchase, MWPV held 51 percent, while iWater held 49 percent in Davao Water.
“The acquisition is in line with the company’s strategic direction to maximize the business potential of existing ventures and take on opportunities for growth and expansion in Visayas and Mindanao,” Manila Water said.
In 2015, Davao Water formalized a joint venture agreement with the Tagum City Water District and formed Tagum Water Co. Inc.
The joint venture agreement is for a 15-year water project that will undertake the construction of a bulk water supply system for Tagum City, including an intake structure through riverbank filtration, a water treatment plant with a capacity of 38 million liters per day, transmission pipeline, and a 5,000-cubic meter water reservoir.
“Upon completion of its contract term in 2035, the project which started to deliver water in May of 2020 will benefit an estimated 290,000 people and serve the water requirements of various commercial and industrial establishments in Tagum City,” Manila Water said.
MWPV houses Manila’s domestic units outside of the east concession zone.
Currently under MWPV are Clark Water, Laguna Water, Boracay Water, Estate Water, Cebu Water, Bulacan MWPV, Obando Water, Calasiao Water, Aqua Centro, Bulakan Water, South Luzon Water, Calbayog Water, Tagum Water and EcoWater MWPV.
Manila Water earlier said MWPV saw higher profits in 2021 with the good performance of its North Luzon and Central Luzon clusters.
With additional reports: The Philippine Star, Catherine Talavera
Image sources: mb.com.ph, thegreentimes.co.za, bilyonaryo.com