Quezon City—(PHStocks)—Manila Water South Asia Holdings Pte Ltd (MWSAH), a wholly owned subsidiary of Manila Water Co. Inc. (PSE: MWC) in Singapore, has signed an investment agreement with Saigon Water Infrastructure Corp. (SII) for the acquisition of additional 6,146,000 primary shares of SII, which will allow MWSAH to own a total of 37.99% of the outstanding capital stock of SII, up from 31.47%.
Under the agreement, MWSAH shall pay the subscription price after compliance by SII with all the Conditions Precedent, unless waived by MWSAH.
SII is a holding company in Vietnam that is listed in the Ho Chi Minh Stock Exchange. It aims to become the first fully integrated company in the Vietnam water and wastewater infrastructure sector, through the construction of water and wastewater treatment plants and the provision of engineering, operation and management services and other similar activities. Its current investments include Tan Hiep 2, a bulk water company providing 300 million liters per day to the state-owned utility serving the area of Hoc Mon, Ho Chi Minh City. It also has investments in Cu Chi Water, which distributes water to the Cu Chi district of Ho Chi Minh City with almost 75,000 water service connections. Outside of Ho Chi Minh, it has investments in a 20 million liters per day bulk water company as well as a water distribution company in the major provinces of Gia Lai and Lam Dong, respectively.