Manila Water Co., Inc. has closed the acquisition of a significant stake in a publicly listed company in Thailand, adding the earnings contribution of the foreign water supplier and distributor to its books.
Ferdinand M. dela Cruz, Manila Water president and chief executive officer, said the acquisition of Eastern Water Resources Development and Management Public Co. Ltd., or East Water, said he was happy to have quickly completed the deal, “effectively cementing our entry into Thailand.”
“This perfectly aligns with our internationalization strategy, as we place primary focus on Southeast Asia,” he said in a statement.
The closing of Manila Water’s acquisition of an 18.72% stake in East Water follows the fulfilment of conditions precedent in line with the share purchase agreement between Ayala-led company and Electricity Generating Public Co. Ltd. that was signed in February. — Victor V. Saulon