Filinvest Development Corp., the listed holding company of the Gotianun family, is venturing into water distribution.
FDC said in a disclosure to the stock exchange it would form a joint venture with Singapore-based Hitachi Aqua-Tech Engineering Pte. Ltd. to engage in the water utility business.
“Filinvest Development Corp. entered into an agreement with Hitachi Aqua-Tech Engineering Pte. Ltd. for purposes of forming a joint venture corporation to engage in the business of owning, constructing, operating, managing, maintaining, or rehabilitating waterworks, sewerage and sanitation systems and services for the distribution, supply and sale of potable water to domestic, commercial, and industrial users within the Philippines,” the company said.
No other details were given regarding the joint venture agreement and the specific water projects that it would undertake.
Hitachi Aqua-Tech, established in 1977, has built a strong reputation as a specialist in water solutions provider. With nearly four decades of experience in water treatment, the company provides a comprehensive solution to solve a broad spectrum of water problems by incorporating the latest technologies and techniques known.
It offers complete EPCM (engineering, procurement, construction and maintenance) services to clients and aims to provide one-stop solutions for resorts, hotels, residential and commercial facilities and municipal developers.
FDC is primarily engaged in property, banking, sugar manufacturing and power generation businesses.
It is currently developing two major mixed-use projects in Clark, Pampanga including the 201-hectare Filinvest Mimosa Plus Leisure City (the former Clark Mimosa Estate) and the 288-hectare development in New Clark City.
The conglomerate is a lead consortium member of Luzon International Premiere Airport Development Corp. which won a 25-year concession for the operations and maintenance of Clark International Airport.
The consortium is also set to develop the commercial assets, operate and maintain project facilities and fit-out the new terminal.
FDC reported said net income attributable to equity holders of the parent company grew 19 percent in the first half to P6.1 billion from a year ago.
Consolidated net income went up by 16 percent in the six-month period to P8 billion from P6.9 billion in the same period last year on the strong performance of core businesses in property and banking together with power and sugar businesses.