Philippine conglomerate Ayala Corp sold its entire stake in utility firm Manila Water Company (MWC) to top shareholder Trident Water Company for a gross consideration of around P14.5 billion ($251.87 million).

Enrique Razon, a Philippine billionaire and a port and casino tycoon who owns Trident Water, acquired a 25% stake in MWC in early 2020. It currently holds 58.32% voting power in the utility firm.

Ayala will sell its 22.27% common shareholding in MWC for at least P21 per share, while its unit Philwater Holdings will divest its 24.48% preferred shareholding for at least P1.70 apiece.

After the sale is concluded, Ayala will no longer hold common shares in MWC, but will retain an effective 12.08% economic stake through the preferred shares, which will be paid off completely over the next five years. — Reuters