MANILA Water Co., Inc. said on Thursday that a unit of its South Luzon water consortium had signed a P465-million term loan facility to fund its projects.
Manila Water Philippine Ventures, Inc.-South Luzon Water Corp. (MWPV-SLWC) forged the loan with the Bank of the Philippine Islands, the east zone water concessionaire said in a stock exchange disclosure on Thursday.
SLWC is a wholly owned subsidiary of Filipinas Water Holdings Corp., a consortium between Manila Water and MWPV. The loan aims to partially fund SLWC’s capital expenditure projects.
“SLWC is primarily engaged in the development, improvement, upgrade, and expansion of water supply and sanitation facilities within the service area of the Tanauan Water District in the City of Tanauan in the Province of Batangas,” Manila Water said in the disclosure.
According to its website, MWPV is focused on geographic expansion, and is mandated to look for new acquisitions and partnerships across the country.
Some of the firms under MWPV are Boracay Island Water Co., Clark Water Corp., and Manila Water Consortium, Inc.
In the first half, Manila Water posted a 10% increase in its attributable net income to P2.73 billion as it was carried by its international affiliates, while its consolidated revenues dropped 6% to P10.14 billion due to lower billed volume.
Manila Water provides water and wastewater services in the eastern part of Metro Manila, which includes Marikina, Pasig, Taguig, Makati, San Juan, Mandaluyong, portions of Quezon City and Manila, and Rizal province.
On Thursday, shares of Manila Water at the stock exchange rose 0.22% or four centavos to finish at P18 apiece. —
Revin Mikhael D. Ochave