Ayala Corp. and its subsidiary Michigan Holdings Inc. have decided to sell their remaining economic interest in Manila Water Co. (MWC) to Trident Water Company Holdings Inc., owned by tycoon Enrique Razon Jr., for a total of P14.5 billion. This move comes after a 27-year investment in the highly regulated utility.

The sale includes the nearly 578 million common shares held by Ayala and Michigan Holdings, priced at P22.36 per share, as well as the 872.49 million preferred shares held by Philwater Holdings Company Inc., another Ayala subsidiary, sold at a negotiated price of P1.844 per share. Together, Ayala and Philwater have a combined economic stake of 22.54 percent in MWC.

Despite the sale, Ayala will retain a 12.08 percent economic stake through preferred shares that will be paid off in installments until 2029. This will mark the end of Ayala’s involvement in MWC once fully paid.

Trident Water currently owns 52.16 percent of MWC, a major water utility serving over 7 million residents in the eastern side of Metro Manila. The sale of Ayala’s stake in MWC is part of Ayala Group’s plan to raise P50 billion by unloading assets to eliminate debts and fund future investments.

The divestment signifies the end of Ayala’s long-standing presence in the water utility sector, allowing the conglomerate to redirect resources to its core businesses. On the other hand, Prime Infrastructure Capital Inc., through its subsidiary Trident Water, continues to strengthen its position in the water sector with the acquisition of Ayala’s stake in MWC.


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