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Conglomerate Ayala Corp. said Tuesday it will sell P5.7 billion worth of common and preferred shares in Manila Water Co Inc. (MWC) now led by businessman Enrique Razon Jr.
Ayala said in a disclosure to the Philippine Stock Exchange the conglomerate and wholly-owned subsidiary Philwater Holdings Company Inc. would sell 288.998 million MWC common shares and 436,243 MWC participating preferred share.
Ayala said that after the transaction, it would retain an effective 23.5-percent voting stake and effective 22.5-percent economic stake in MWC.
It said the sale is in line with the group’s strategy to rationalize its portfolio and raise P50 billion in proceeds.
Ayala said it would use the proceeds to pare down debt and/or fund future investments.