PH firm MetroPac seals $60m bulk water project

Philippine-based MetroPac Water Investments Corp (MWIC) has sealed a $60 million (P2.8 billion) bulk water project deal on Tuesday and a new joint venture firm is being set to run the project.

A wholly-owned subsidiary of listed conglomerate Metro Pacific Investments Corp , the MWIC formally received the Notice of Award for the Iloilo Bulk Water Supply Project from the Metro Iloilo Water District (MIWD) pursuant to the provisions of the 2013 NEDA (National Economic Development Authority) Guidelines on joint-venture.

Also read: MPIC buys Meralco’s 26% stake in tech firm Indra Philippines for $7.1m

“A joint-venture company will be formed by MWIC and MIWD to rehabilitate, expand, operate, and maintain MIWD’s existing water production facilities,” said Metro Pacific vice president Melody Del Rosario.

The project will provide up to 170 million liters per day of bulk water supply to MIWD in the next 25 years.

“MWIC will hold an 80 per cent interest in the JV,” Del Rosario said.

The project’s total cost of P2.8 billion is based on 2014 prices.

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“The JV agreement for the project will be executed upon the satisfaction of certain conditions precedent,” Del Rosario added.

MPWIC is one of three subsidiaries of Maynilad Water Holding Company Inc (MWHCI), the water utilities arm of Metro Pacific. The other two companies are Maynilad Water Services Inc (Maynilad) and Philippine Hydro Inc (PHI).

Metro Pacific’s last trading price decreased 0.19 per cent or P0.0100 to close at P5.33.

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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.

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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.