Manila Water bags Leyte deal
Manila Water Co Inc. said it won a water project in Leyte province.
Manila Water said in a disclosure to the stock exchange it received the notice of award from the Leyte Metropolitan Water District for the implementation of the joint venture project for the design, construction, rehabilitation, maintenance, operation, financing, expansion, and management of the water supply and sanitation facilities and services.
Under the notice of award, a special purpose vehicle will be formed to implement the project under a contractual joint venture with the LMWD.
“Upon completion of the conditions precedent specified in the Notice, the SPV and the LMWD shall enter into a joint venture agreement that will grant the SPV, as contractor to perform certain functions and as agent for the exercise of, the sole and exclusive right to manage, operate, maintain, repair, refurbish and improve, expand and as appropriate, decommission, the facilities of LMWD in its service area, including the right to bill and collect tariff for the provision of water supply and sanitation services in the service area of LMWD,” Manila Water said.