Philippines’ Manila Water to acquire 20% of Indonesia’s bulk water supplier Sarana

Visual from Manila Water's website

Philippine-listed water and wastewater services provider Manila Water Company Inc is acquiring a 20 per cent stake in Indonesian bulk water supplier PT Sarana Tirta Ungaran (STU) for an undisclosed amount.

In a disclosure to the Philippine Stock Exchange on Wednesday, Manila Water said its 95 per cent-owned Indonesian subsidiary, PT Manila Water Indonesia, has signed a share purchase agreement with PT Triguna Rapindo Mandiri to acquire STU shares.

“Manila Water intends to finance the transaction through internally generated funds,” the company disclosed.

Manila Water said STU is a bulk water supply company that services PDAM Kabupaten Semarang and industrial customers in Bawen, located in Ungaran area of Semarang Regency, Central Java Province, with a capacity of 21.5 million litres per day.

Manila Water’s acquisition in Indonesia comes after its foray into bulk water and concession projects in Thailand and Vietnam. The company is now the largest direct foreign investor in Vietnam’s water sector.

It has also completed pilot projects in Bandung, Indonesia for a non-revenue water reduction programme, and in Yangon, Myanmar for leakage reduction.

In the Philippines, Manila Water provides water treatment, water distribution, sewerage, and sanitation services to more than six million people in the eastern side of Metro Manila, comprising a broad range of residential, commercial and industrial customers.

It is a subsidiary of the country’s oldest conglomerate Ayala Corporation.

Also Read:

Philippines: Manila Water to acquire 18.72% stake in Thailand’s Eastern Water

Manila Water’s Singapore unit ups stake in Vietnamese firm

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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.