Quezon City–(PHStocks)–The Manila Water Consortium, composed of Manila Water Company Inc. (PSE: MWC), Vicsal Development Corp., and Stateland Inc., has been awarded by the Provincial Government of Cebu the development, operation and maintenance of a bulk water system in Cebu.
With the issuance of the award, the Provincial Government of Cebu and the Manila Water Consortium shall negotiate and execute a joint investment agreement with 49%-51% equity participation, respectively. The project shall supply 35 million liters per day of potable bulk water sourced from the Luyang River in the Municipality of Carmen. The project will partly provide for the water demands in the northern and central portions of the province.
The project is not more than 10% of the total assets of Manila Water.