MetroPac Enters Subscription Agreement with Manila Water Consortium

MPIManila—(PHStocks)—Metro Pacific Investments Corporation (MPIC, PSE: MPI) has announced that MetroPac Water Investments Corporation (MetroPac) has entered into a subscription agreement with the Manila Water Consortium Inc. (the “Consortium”) for the subscription to 128,700,000 common shares in the Consortium (the “Shares”).

Once the Securities and Exchange Commission (SEC) approves the increase in the authorized capital stock of the Consortium from PhP250 million to PhP750 million, MetroPac will have39% equity ownership in the Consortium while Manila Water Company Inc. (PSE: MWC) and Vicsal Development Corporation will have 51% and 10% equity ownership, respectively.

The entry of MetroPac is expected to enhance the financial and technical capability of the Consortium to undertake bulk water supply projects.

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