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Manila Bulletin devider Business devider The Stock Market devider Manila Water sells stake in Thai utility to focus on core assets

Manila Water sells stake in Thai utility to focus on core assets

Published Sep 5, 2025 03:26 pm
Razon-led Manila Water Co., Inc. has sold its minority stake in Thai water utility firm Eastern Water Resources Development and Management Public Company Limited for ₱1.1 billion as it divests non-core assets where it does not exercise control.
In a disclosure to the Philippine Stock Exchange, MWC said its wholly-owned subsidiary Manila Water (Thailand) Co., Ltd. (MWTC) sold today all of its interests in East Water, which is engaged in the development and management of water distribution pipeline systems in Thailand.
The sale consists of 311.44 million East Water shares, equivalent to 18.72 percent of the issued and paid-up registered capital of the Thai utility, to Mr. Bhavin Kunaderekwong for Thai Baht 2.00 per share or a total of 622.9 million Baht.
The price was negotiated between the buyer and seller based on financials, following due diligence, and was fully paid in cash.
“The divestment is consistent with MWC’s core strategy, which prioritizes operational control and long-term value creation. Divesting this non-core holding enables MWC to reallocate capital and management bandwidth towards other strategic assets and initiatives,” the company explained.
East Water provides raw and tap water supply services in the eastern region of Thailand—the country’s main industrial area and home to various heavy industries, including automotive, electronics, and petrochemicals.
Currently, East Water provides raw water supply to three provinces, holds concession contracts to operate in eleven different locations, and provides water service to several industrial estates—all situated within a total area of 13,285 square kilometers.
Manila Water acquired its stake in East Water in 2018 from Electricity Generating Public Company Limited.
Ayala Corporation, which used to own a majority of MWC, said the acquisition was “a strategic entry point into Thailand. With Manila Water leading the way, we hope to leverage our various capabilities to enlarge our footprint in the country.”

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Manila Water Co. Inc. Eastern Water Resources Development and Management Public Company
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