Maynilad Water Services Inc. (Maynilad) on Friday denied any involvement in discussions regarding a potential acquisition of PrimeWater Infrastructure Corp. by major shareholder Metro Pacific Investments Corp.
The utility firm said in a disclosure to the Philippine Stock Exchange Friday it is “not a party to these discussions,” even though MPIC entered into a non-disclosure agreement and started preliminary due diligence on PrimeWater.
Maynilad said any reference to it as a possible vehicle for the transaction reflects only “preliminary views expressed by MPIC” and does not involve the company.
The firm also clarified a separate report saying it would allocate P30 billion for its 2026 capital expenditure (capex) program.
“We clarify that the company has not finalized its annual capex budget for 2026 and no specific amount has been approved by the Board of Directors,” the company said in its disclosure.
While Maynilad’s 2023–2027 business plan includes an indicative allocation of P34.59 billion for 2026 under the approved Sixth Rate Rebasing Period, the final figure remains subject to internal budgeting and board approval, it said.
The filing was submitted by corporate legal counsel Anna Margarita Ang.
MPIC chairman, president and chief executive Manuel Pangilinan earlier said the company signed a non-disclosure agreement (NDA) to begin due diligence on PrimeWater’s assets.
“We are at the beginning of the process. We are getting feedback from the preliminary analysis of the numbers they have provided for us,” Pangilinan said.
He said an offer could be finalized within a week. However, MPIC has not yet determined its acquisition strategy, including whether it would bid for the entire company or only specific profitable assets.
Pangilinan also noted that PrimeWater has outstanding debts that have not yet been addressed in the discussions.
PrimeWater holds joint venture agreements with more than 70 water districts across the Philippines, including in Bulacan and Cavite.
MPIC owns a stake in Maynilad Water Services Inc, the concessionaire for the west zone of Metro Manila.
It also owns MetroPac Water Investments Corp. (MWIC), which previously confirmed talks with PrimeWater. MPIC has not yet decided which of its two water utility firms would make the potential acquisition.
