March 17 (Bloomberg) -- Manila Water Co., the Philippines’ largest publicly traded water utility, and Mitsubishi Corp. plan to work on a project to cut water losses in Myanmar’s capital.
The companies signed a memorandum of understanding with the Yangon City Development Committee for a proposed “non-revenue water-reduction project,” Manila Water said today in a stock exchange filing without disclosing terms.
“The proposed project is in line with the intention of Manila Water to pursue projects outside the East Zone and other selected markets in the Asian region,” the company said.
Myanmar is attracting investment interest from foreign companies as the nation reconnects with the global economy after five decades of isolation during military rule.
Manila Water shares rose 1.3 percent to close at 23.90 pesos compared with a 0.1 percent gain in the Philippine Stock Exchange Index.
Manila Water and a partner have qualified to bid for a bulk-water supply project in Bandar Lampung, Indonesia, and plans to expand in Vietnam. The utility last month reported 2013 net income rose 5 percent to 5.75 billion pesos ($129 million) as customers bought more water.
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