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Friday, March 29, 2024

Maynilad exploring Indonesia for projects

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Maynilad Water Services Inc., the water utility unit of infrastructure conglomerate Metro Pacific Investments Corp., is looking for bulk water projects in Indonesia as part of regional expansion.

Maynilad chief finance officer Randy Estrellado said in a recent interview the company was interested in participating in bulk water projects in various key areas in Indonesia including Bali and Jakarta.

“We are active in looking for projects, as mostly the projects being offered to us are bulk water projects,” Estrellado said.    

Maynilad signed an agreement with an Indonesian firm in November 2016 to put up a joint venture company that would provide water and wastewater services in Indonesia.

Under the plan, Maynilad and joint venture partner  PT Moya Indonesia would create a company called PT Water Tecnologia Indonesia.

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PT Moya Indonesia would own 51 percent of the new company while Maynilad would have the remaining 49 percent.

The joint venture company would offer various water services including pipe network design and installation, non-revenue water and wastewater management, Maynilad said.

Estrellado said the joint venture company was still in the process of being incorporated.

Maynilad president Ramoncito Fernandez earlier said the company was one of the four firms pre-qualified to bid for a water concession project in Jakarta.

The project involves bulk and water distribution to roughly 500,000 households.

Maynilad is a consortium made up of Metro Pacific Investments Corp., DMCI Holdings and Marubeni of Japan. It operates the water concession in the west zone of Metro Manila.

Maynilad reported a 26-percent decline in core net income in 2016 to P7.2 billion from P9.7 billion in 2015 following the expiration of the water utility firm’s income tax holiday.

Revenues increased 6 percent to P20.2 billion from P19.1 billion a year ago on higher billed volume and tariff increase.

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