PCC Approval for Trident Water Acquisition in Manila Water

Trident Water Company Holding Inc. (Trident Water) received approval from the Philippine Competition Commission for its acquisition of 51% voting interest in Manila Water Co. (PSE: MWC), a subsidiary of Ayala Corp. (PSE: AC).

As previously disclosed, Trident Water will acquire a 25% stake in Manila Water, with Ayala remaining as a shareholder with a 38.6% stake. Further, as part of the shareholder agreement to be executed among Ayala, its wholly owned subsidiary Philwater Holdings Co. (Philwater), and Trident Water, Ayala’s Executive Committee has approved the grant of proxy rights by Philwater to Trident Water over such number of preferred shares to enable the latter to achieve 51% voting interest in Manila Water.

Upon the grant of proxy rights to Trident Water, Ayala’s effective voting interest in Manila Water will stand at 31.6%.