Metro Pacific Rises After Acquiring Stake in Manila Water GroupRandall Hackley
Metro Pacific Investments Co. reached its highest since September 2009 in Philippine trading after agreeing to acquire a 39 percent stake in Manila Water Consortium Inc., which runs a Cebu province water venture.
The bulk water supply project is a public-private partnership project between the provincial government of Cebu and two of the country’s largest conglomerates.
Metro Pacific said in an exchange disclosure that Manila Water will hold 51 percent, MetroPac 39 percent and Vicsal Development Corp. 10 percent once the Securities and Exchange Commission approves the group’s proposed capital stock increase. Metro Pacific said it signed an agreement with Manila Water Co. Inc. to buy 128.7 million shares in Manila Water Consortium.
The infrastructure holding company operates water utilities, tolls and power distribution facilities and invests in real estate and other projects. At 5.06 pesos, MPI shares closed yesterday at their highest in more than three years.