Stop and go in the market

There’s a continuing debate on the extent of the damage wrought by the flood control mess on the market value of listed companies, with estimates ranging from a low of P85 billion to P1.7 trillion, and as much as P5 trillion.

- FILC. SIONIL

Admittedly, however, no matter the figure, the anomalies in the country’s flood control projects have dampened investor confidence, causing a downward spin in the Philippine Stock Exchange index (PSEi).

Despite this, the joint forces of tycoons Manuel V. Pangilinan and Isidro Consunji, president and chief executive officer (CEO) of DMCI Holdings Inc., will push through with Maynilad Water Services Inc.’s initial public offering (IPO) this November.

Yes, Virginia, it’s all systems go for the IPO of Maynilad—the largest water concessionaire in Southeast Asia serving more than 10 million customers—amid very challenging market conditions due to the continuing floodgate mess saga.

It’s been a long time coming. Maynilad’s IPO is a regulatory compliance requirement. Comparatively, east zone concessionaire Manila Water Co. Inc., majority-owned by tycoon Enrique K. Razon’s Trident Water Co. Holdings Inc., fulfilled this mandatory requirement 20 years ago.