Manila Water Co. shares closed at a 7 1/2-year high after the company and Metro Pacific Water Investments Corp., which has a stake in Maynilad Water Services Inc., formed a partnership for a water venture in Cebu.
The Cebu bulk water supply project, a public-private partnership project, will provide 35 million liters (9.23 million gallons) a day of water. Manila Water supplies water to half of the Philippine capital while Metro Pacific’s operations range from real estate to sanitation services.
The water utility’s shares advanced 3 percent to 32.15 pesos, the highest close since the stock started trading March 2005. The stock has surged by 66 percent this year. Earlier this year, the Manila Water consortium signed a joint venture with Cebu’s government to develop the first long-term bulk water supply project in the province.