MANILA WATER Philippine Ventures, Inc. (MWPV), the controlling shareholder of Manila Water Consortium, Inc. (MWCon), said 39% minority owner Metropac Water Investments Corp. (MWIC) was bought out, bringing its stake in the consortium to 84% and raising another minority partner’s share to 16%.

In a disclosure to the exchange on Thursday, Manila Water Co., Inc. (MWC) said its wholly-owned unit MWPV acquired 107,601,639 shares formerly held by MWIC in the consortium for P1 per share.

Following the tripartite transaction, the other minority partner, Viscal, will own 16% of MWCon, up from 10% previously.

“The transaction is in line with MWC’s strategic direction to maximize the potential of existing business and take on opportunities for growth and expansion in the Province of Cebu and eventually in the Visayas and Mindanao regions. The acquisition of the MWCon shares allows MWC to optimize project returns with its efficient execution and operation of the project, and sound regulatory and stakeholder management,” MWC said.  

“MWCon is the partner of the Province of Cebu in the implementation of the 2012 Joint Investment Agreement for the development and delivery of bulk water supply to the Cebu Province, which is being carried out by their joint venture company, Cebu Manila Water Development, Inc.,” it added.

“The transaction will have no effect on project execution and operation of the project assets. Ultimately, the project retains its projected benefits to be provided to the customers of the Metro Cebu Water District,” MWC said.