The Philippines: Razon gets PCC nod to lead Manila Water

  • The Philippine Competition Commission (PCC) has approved Trident Water Holdings Co., Inc.’s acquisition of the controlling stake in Manila Water Co., Inc., capturing 51% voting interest in the Ayala-led company.
  • Trident Water will be acquiring the controlling stake after a subscription of 820 million common shares of stock from Manila Water’s unissued capital stock, the PCC said in a press release on 25 Aug 20.
  • Trident Water is a subsidiary of Prime Metroline Infrastructure Holdings, Inc. (Prime Infra), a holding firm led by businessman Enrique K. Razon, Jr.
  • Manila Water’s subsidiary, Philwater Holdings Co., Inc. will also grant proxy in favor of Trident Water over the seller’s preferred shares.
  • The PCC said that the transaction would not likely lead to a substantial lessening of competition in the market of the supply of water to the east zone concession area.
  • As the sole water distributor in the area, Manila Water has a captive customer base and no downstream competitors, PCC said.

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