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Manila Bulletin devider Business devider Cebu Manila Water ends decade-long bulk water contract

Cebu Manila Water ends decade-long bulk water contract

Published Dec 4, 2023 03:08 am

Cebu Manila Water Development, Inc. (CMWD), a Manila Water Co. (MWC) investment, has ended its contract on its bulk water supply after 10 years.


 

In a disclosure to the Philippine Stock Exchange, CMWD announced that the decade-long agreement to provide water to the district of Metro Cebu was terminated on Friday, Dec. 1.


 

The bulk water supply contract, which began on Dec. 18, 2013, allowed Cebu Manila Water to deliver supply via water tankers for residential, commercial, and industrial use.


 

Both the Manila Water Consortium and the Cebu Provincial Government made investments in the CMWD.


 

Moreover, the consortium is under the wholly-owned MWC subsidiary, Manila Water Philippine Ventures, Inc.


 

Meanwhile, Manila Water’s common stock outstanding is reported at 2.5 billion, excluding the treasury shares acquired for the stock incentive plan and those included in the share buy-back transaction last October.


 

The preferred outstanding shares totaled 3.5 billion, not including the treasury shares that were also part of the share buy-back transaction.


 

Manila Water’s debt outstanding since September amounted to P86.64 billion. (Gabriell Christel Galang)

 

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