MWC Forms JV with Calasiao Water District

Quezon City—(PHStocks)—Manila Water Co. Inc. (PSE: MWC) has signed and executed a joint venture (JV) agreement with the Calasiao Water District (CWD).

The JV agreement will govern the relationship of Manila Water and CWD as JV partners in project for design, construction, rehabilitation, maintenance, operation, financing, expansion, and management of the water supply system of the CWD in the Municipality of Calasiao in the Province of Pangasinan.

Under the agreement, Manila Water and CWD shall cause the incorporation of a Joint Venture Company (JVC). The company and CWD shall own 90% and 10%, respectively, of the JVC’s outstanding capital stock such that the subscribed and paid-up capital of the JVC shall be as follows:

The JVC will then enter into a concession agreement with CWD for the implementation of the project for 25 years from the commencement date as defined in the concession agreement.