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.

External Link : https://www.bworldonline.com/razon-gets-pcc-nod-to-lead-manila-water/