Manila Water Company Inc. (MWC) is acquiring 100 percent ownership of WawaJVCo Inc., the developer and operator of the Wawa Bulk Water Supply Project, in a deal valued at approximately P37.8 billion.
MWC said in a disclosure to the stock exchange Monday it signed a share purchase agreement with Prime Infrastructure Inc. (PII) and other minority shareholders including San Lorenzo Ruiz Builders and Developers Group.
MWC and PII are both majority owned by businessman Enrique Razon Jr.
WawaJVCo is a special purpose vehicle created to manage critical water infrastructure in Rizal province, including the Tayabasan Weir in Antipolo and the Upper Wawa Dam in Rodriguez.
Its assets include the Tayabasan Weir in Antipolo and the Upper Wawa Dam, in Rodriguez, both in Rizal with current contracted capacity of 518million liters per day (mld) and additional available capacity of up to 200 mld.
The facility currently transports water from the Upper Wawa Dam to the downstream Calawis treatment facility of MWC and will supply water to the Kaysakat andPasig treatment facilities once completed.
The project supplies 80 million liters per day (MLD) to MWC’s treatment plant in Antipolo, with a contracted capacity of 518 MLD and additional potential of up to 200 MLD.
MWC said the acquisition is financially accretive to company and is aligned with its long-term operational and water security objectives.
“In anticipation of the full operation of the Upper Wawa Dam, it has been determined that MWC is best placed to directly manage, operate, and optimize the Upper Wawa Dam to ensure technical compatibility, system efficiency, and operational synergies,” MWC said.
“This will provide greater focus and flexibility in water resource allocation, while allowing for more efficient operations and overall cost management of the facility,” it said.
WawaJVCo earlier reported that the Upper Wawa Dam project would be completed in December 2015, seven months ahead of schedule.
The Upper Wawa Dam is considered the largest water supply dam to be built in the Philippines in over 50 years.
Once operational, the dam is expected to benefit over 700,000 households, or 3.5 million Filipinos, within the Metropolitan Waterworks & Sewerage System (MWSS) service area.
The deal is expected on close by Aug. 29, 2025.
