One cornerstone investor confirms participation in Maynilad's IPO

WEST ZONE concessionaire Maynilad Water Services, Inc. said it has secured a firm commitment from one of its two intended cornerstone investors to participate in its planned P45.8-billion initial public offering (IPO).

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“One of the cornerstone investors already confirmed approval, while [we are hoping] to secure the other by September,” Maynilad Chairman Manuel V. Pangilinan told reporters on Monday.

Mr. Pangilinan confirmed that the two cornerstone investors are both foreign entities.

Maynilad initially scheduled its IPO listing for July 17 but has postponed it to no later than the end of October, citing potential interest from cornerstone investors.

“Hopefully, we could get back on the saddle by October,” Mr. Pangilinan said.