Manila Water Philippine Ventures Inc., a wholly-owned subsidiary of Manila Water Company Inc., has taken over Davao Del Norte Water Infrastructure Company Inc. (Davao Water).
Manila Water took over Davao Water after acquiring the shares of iWater Inc. Prior to the purchase, Manila Water held a 51-percent stake of Davao Water while iWater owned 49 percent.
Manila Water said the acquisition was in line with the company’s strategic direction to maximize the business potential of existing ventures and take on opportunities for growth and expansion in Visayas and Mindanao.
Davao Water in 2015 formalized a joint venture agreement with the Tagum City Water District and formed Tagum Water Company Inc. to build a bulk water supply system for Tagum City, including an intake structure through riverbank filtration, a water treatment plant with a capacity of 38 million liters per day, transmission pipeline and a 5,000-cubic meter water reservoir.