MANILA WATER Co., Inc. on Thursday said its joint venture company had signed a 25-year concession agreement with Obando’s water district to develop the water supply system of the Bulacan municipality.
The Ayala-led company told the stock exchange that the agreement between Obando Water Co., Inc. and the Obando Water District covers the design, construction, rehabilitation, operation, maintenance, financing, expansion and management of water facilities in the municipality.
The deal also covers the provision of water and sanitation service in the area.
Obando Water is a joint venture between Obando Water Consortium Holdings Corp. and the town’s water district. The holding firm holds 90% of the joint venture while Obando Water District owns the remaining 10% of the capital stock.
The holding firm is a consortium of Manila Water and its wholly owned subsidiary Manila Water Philippine Ventures, Inc. Their ownership stake is 49% and 51%, respectively.
Manila Water previously said the Obando project is line with its aim of bringing its expertise in water and used water services outside of its Manila concession.
To achieve this goal, Manila Water partners with private companies, local government units and water districts in big cities in the Philippines and Asian countries.
Manila Water provides water and wastewater services to Metro Manila’s east zone concession area covering the cities of Makati, Mandaluyong, Pasig, Pateros, San Juan, Taguig and Marikina. It is also in charge for the southeastern parts of Quezon City and Sta. Ana and San Andres in Manila.
On Thursday, shares in Manila Water slipped by 0.32% to P31.50 each. — Victor V. Saulon