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Manila Bulletin devider Business devider Almendras resigns from Manila Water

Almendras resigns from Manila Water

Published Oct 12, 2023 08:09 am

At A Glance

  • Jose Rene Almendras has resigned from his position in Manila Water Co. Inc.<br>On Wednesday, Ayala Corp. announced the sale of its P5.7 billion worth of common and preferred shares in Manila Water, now led by Enrique Razon Jr.<br>Ayala and its subsidiary, Philwater Holdings, will sell 288.998 million common shares and 436,243 participating preferred shares of Manila Water.<br>Ayala will retain an effective 23.5% voting stake and an effective 22.5% economic stake in Manila Water after the transaction.<br>Ayala ceded control of Manila Water to Prime Metroline Holdings Inc., led by Razon, in 2020.<br>Manila Water provides water treatment, distribution, sewerage, and sanitation services to over seven million people in the east zone of Metro Manila.

Jose Rene Gregory D. Almendras has resigned from his position in East Zone concessionaire Manila Water Co. Inc.

In a disclosure to the Philippine Stock Exchange on Thursday, Oct. 12, Manila Water announced that Almendras, who served as the president of the utility firm from August 2019 to June 2021, has stepped down from his role as a director.

According to Manila Water, Almendras, who was also a member of the executive committee, officially resigned on Oct. 12, 2023.

Prior to his tenure at Manila Water, Almendras held various significant positions in the government, including energy secretary, secretary to the Cabinet, and foreign secretary during the Aquino administration.

“Almendras has resigned as a Director of MWC [Manila Water] in view of the sale by Ayala Corp. and Philwater Holdings Co., Inc. of a part of their shareholdings in MWC,” the utility company told the bourse.

On Wednesday, Oct. 11, Ayala announced the sale of its P5.7 billion worth of common and preferred shares in Manila Water, which is now under the control of businessman Enrique Razon Jr.

Ayala disclosed that both the conglomerate and its wholly-owned subsidiary, Philwater Holdings, will be divesting 288.998 million common shares and 436,243 participating preferred shares of Manila Water.

Following the transaction, Ayala will maintain an effective 23.5-percent voting stake and an effective 22.5-percent economic stake in Manila Water.

The sale is in line with Ayala's objective to streamline its portfolio and raise P50 billion in proceeds.

Ayala, which has been actively selling non-core businesses, plans to utilize the funds to reduce debt and support future investments.

In 2020, Ayala transferred control of Manila Water to Prime Metroline Holdings Inc., led by Razon.

Manila Water is responsible for providing water treatment, water distribution, sewerage, and sanitation services to more than seven million residents in the east zone of Metro Manila.

Covering a 1,400-square-kilometer area, the east zone comprises 24 cities and municipalities, including key areas within Metro Manila.

In 2019, the state-owned Metropolitan Waterworks and Sewerage System extended MWC's concession by an additional 15 years, extending it from May 2022 to May 2037. (Gabriell Christel Galang)

Related Tags

Manila Water Company Inc. Enrique Razon Jr. Ayala Corporation
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