Manila Water unit spends P1.15 B for Laguna expansion

Razon-led Manila Water Co. Inc. is spending P1.15 billion to buy into the Laguna Water District Aquatech Resources Corp. (LARC), which oversees the water supply system of the Laguna Water District in the towns of Los Baños, Bay, Calauan, Victoria and Nagcarlan in the province.

- \JASPER EMMANUEL ARCALAS

Manila Water said its subsidiary Manila Water Philippine Ventures Inc. (MWPV) is spending P1.15 billion to acquire a combined 70 percent stake in Equipacific HoldCo Inc. (EHI) from three shareholders of the company.

EHI is an investment company that holds 90 percent of the outstanding shares of LARC, which is a joint venture with the Laguna Water District.

In a disclosure to the Philippine Stock Exchange, Manila Water said MWPV entered into a share purchase agreement (SPA) with three shareholders of EHI namely Equi-Parco Holdings Corp. (EPHC), Metropac Water Investments Corp. (MWIC) and TwinPeak Hydro Resources Corp. (TPHRC).