Manila Water expects to complete Wawa takeover by Sept.

EAST ZONE concessionaire Manila Water Co., Inc. expects to complete the takeover of the Wawa Bulk Water Supply from its parent company, Prime Infrastructure Capital, Inc. (Prime Infra), by September.

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In a disclosure on Monday, Manila Water said it has signed a share purchase agreement with Prime Infra to buy Prime Infra's stake in WawaJVCo, Inc.

This agreement follows a previously signed term sheet between the two companies for full ownership of WawaJVCo, involving the acquisition of common and nonvoting preferred shares valued at P37.8 billion.

Manila Water said it will make an initial payment of P6.11 billion on Dec. 15.

Trident Water Company Holdings, Inc., a subsidiary of Prime Infra, controls Manila Water.

WawaJVCo, a joint venture between Prime Infra and San Lorenzo Ruiz Builders & Developers Group, was established to develop, operate, and maintain the Wawa Bulk Water Supply Project in Rizal, which is intended to augment Metro Manila's raw water supply.