MANILA: Philippine billionaire Enrique Razon (pic) will acquire a 25% stake in Ayala Corp-led Manila Water Co Inc ahead of the water company’s contract negotiations with the government. Razon’s Prime Metroline Holdings Inc will pay 10.7 billion pesos (US$210mil) for 820 million shares at 13 pesos each, Manila Water said in a stock exchange disclosure on Monday (Feb 3). Manila Water shares closed 4.9% higher on Monday. Ayala Corp will stay on as top shareholder with a 38.6% stake in Manila Water, which on Friday also approved an increase in authorized capital to pave the way for Razon’s investment. The water provider is on the lookout for new markets in the region after investments in Vietnam, Thailand and Indonesia, he said.

Source: The Star February 03, 2020 13:52 UTC