MANILA Water Company, Inc. (MWC) said Friday its wholly-owned subsidiary Manila Water (Thailand) Co. Ltd. has sold its entire stake in Thai firm Eastern Water Resources Development and Management Public Company Ltd. for 622.9 million baht, or about P1.1 billion.
Manila Water (Thailand) Co. Ltd. (MWTC) sold its 311.443 million shares in East Water, which represent 18.72 percent of the company’s capital, to Thai national Bhavin Kunaderekwong.
“This divestment is consistent with MWC’s core strategy, which prioritizes operational control and long-term value creation,” MWC said in a disclosure to the stock exchange Friday. “Divesting this non-core holding enables MWC to reallocate capital and management bandwidth towards other strategic assets and initiatives.”
East Water develops and manages water distribution pipeline systems in Thailand.
The sale was finalized and paid in full on Sept. 5 after MWC’s board of directors approved the transaction.
The selling price was a negotiated amount between the buyer and seller after due diligence.
