Manila Water Philippine Ventures, a subsidiary of Manila Water Co. Inc. catering to cities and municipalities outside the east zone, said Friday it signed a share purchase agreement (SPA) with EquiParco Holdings Corp. (EPHC), Metropac Water Investments Corp. (MWIC), and TwinPeak Hydro Resources Corp. (THRC) for the sale and purchase of 70 percent shares in Equipacific HoldCo Inc. (EHI).
EHI is an investment company which holds 90 percent of the outstanding shares of Laguna Water District Aquatech Resources Corp. (LARC), a joint-venture company formed for the rehabilitation, improvement, expansion, operation and maintenance of the water supply system of the Laguna Water District (LWD) in the municipalities of Los Baños, Bay, Calauan, Victoria and Nagcarlan in Laguna.
“The acquisition will provide MWPV with the opportunity to optimize operational synergies with Laguna Water for the benefit of the customers in the province of Laguna,” said Manila Water new business development head Barny Kim.
MWPV’s service coverage in Laguna is expected to increase from 21 percent to 27 percent with the acquisition.
Laguna Water, a joint venture between MWPV and the provincial government of Laguna, provides water, wastewater and environmental services to municipalities of Santa Rosa, Cabuyao, Binan, Pagsanjan and several areas in Sta. Cruz, Pakil, Victoria and Calauan.
Laguna Water also provides water and wastewater services in various real estate developments in Laguna, which includes BellaVita (in Pila, Alaminos and San Pablo), Amaia (in Calamba and San Pablo) and Ayala Greenfield Estates-Calamba.
“The acquisition will provide MWPV with the opportunity to optimize operational synergies with Laguna Water for the benefit of the customers in the province of Laguna,” said Manila Water new business development head Barny Kim.