Manila—(PHStocks)—Metro Pacific Investments Corporation (PSE: MPI) and DMCI Holdings Inc. (PSE: DMC) have completed their discussions with Japan’s Marubeni Corp. for Marubeni to acquire a 20% economic interest in Maynilad Water Services Inc.
Marubeni, through an affiliate, will acquire a shareholding of 21.54% in DMWCI, the joint venture holding company, which will hold 92.85% of the shares in Maynilad.
MPIC is reducing its economic interest in Maynilad by 4% and DMCI by 16% as a result of this transaction. Following the closing of the transaction, the economic interests in Maynilad will be held by MPIC, 52.8%; DMCI, 25.24%; Marubeni, 20%; and Others, 1.96%.
“This minor reduction in our economic interest in Maynilad allows us to expand the shareholder roster as we take Maynilad to the next stage of development through significantly increased investment in sewage and waste water management. I believe Marubeni will be a valuable addition to the MPIC/DMCI partnership which has been so successful to date in delivering expanded and improved clean water provision to millions of people in our concession area,” says Manuel V. Pangilinan, Chairman of MPIC and Maynilad.
Isidro A. Consunji, President of DMCI, adds, “Marubeni has been a strong partner of DMCI for many years. Its entry into Maynilad will help us gain access to Marubeni’s technical and engineering expertise as well as to Japanese financing institutions, thereby assisting in the further development of Maynilad.”