Manila Water okays $13m investments in PH, SG, Vietnam units

Manila Water Company Inc has approved investments of up to $13 million in its units in the Philippines, Singapore, and Vietnam.

Manila Water made the disclosure to the stock exchange on Monday following the signing of a ¥40 billion (P15.4 million) seven-year loan term facility with three Japan-based banks last October 1 in Hong Kong.

It was noted as the single largest capital raising activity of Manila Water following the approval of the Rate Rebasing Business Plan in April 2015. Manila Water secured the loan with The Bank of Tokyo-Mitsubishi UFJ Ltd (BTMU), Mizuho Bank Ltd, and Sumitomo Mitsui Banking Corporation or SMBC. The facility shall be used to partly finance Manila Water’s capital expenditures which include used water projects such as new sewerage treatment plants and rehabilitation of sewer lines.

Manila Water informed the stock exchange on Monday that its committee approved the additional investment of $9 million (P418 million) in its wholly-owned domestic subsidiary, the Manila Water Philippine Venture Inc (MWPV) which shall be used to fund the latter’s operations.

Manila Water’s committee likewise appointed the additional investment of $4.26 million in its wholly-owned Singapore subsidiary the Manila Water Asia Pacific Pte Ltd (MWAP).

Also read: Manila Water, ZCWD seal joint venture

“The additional equity infusion in MWAP shall be used to fund further investments in Vietnam,” Manila Water said in its statement.

Manila Water currently serves over 6.3 million population in key cities within Metro Manila such as Quezon City, Manila, Marikina, Pasig, San Juan, Mandaluyong, Pateros, Makati, Taguig, and Rizal.

MWAP, established in 2010, serves as Manila Water’s regional headquarters in Singapore tasked to be holding investments in various project companies in Southeast Asia.

For the last three years, Manila Water has incorporated three more Singapore entities, namely, Manila Water South Asia Holdings Pte Ltd, Thu Duc Water Holdings Pte Ltd, and Kenh Dong Water Holdings Pte Ltd.

MWAP is 100 per cent owned by Manila Water while MWSAH, TDWH and KDWH are all wholly-owned by MWAP.

Also read: PH partners Aboitiz-JV Angeles seal $223m water supply project

Manila Water’s presence in Vietnam is through two bulk water companies, namely, Thu Duc Water BOO Corporation, and Kenh Dong Water Supply Joint Stock Company.

The Ayala-led water firm also owns 31.47 per cent of the outstanding capital stock of Saigon Water Infrastructure Corporate which is the planned vehicle for accomplishing water and used water projects in Vietnam.

Manila Water is currently engaged in the development of a proposed non-revenue water reduction project for Yangon City in Mayanmar. It is part of the memorandum of understanding that the company, together with Mitsubishi Corp, signed with the Yangon City Development Committee or YCDC. It is an administrative body of the city government in Yangon in charge of the water, infrastructure, business licenses and city property management, among others.

Only last September 30, Ronie Lim, who is the head of Manila Water’s representative office in Vietnam, has taken charge of being the deputy CEO of Saigon Water.

Manila Water’s last trading price increased 2 per cent or P0.450 to close at P22.95.

Also read:

PH tollway firm MPTC completes 45% stake buy in Vietnam’s CII B&R for $86.9m

Philippines’ Monde Nissin buys out UK food firm Quorn for

Singapore Reporter/s

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Following vacancies can be applied for (only in Singapore).   

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.