UU exits from Manila Water Co. after 12 years
- From: Vol 10, Issue 11 (November 2009)
- Category: General
- Region: Asia
- Country:
- Related Companies: Ayala Corporation, Manila Water Company and United Utilities
The UK-listed company has sold its remaining position in Manila Water to Ayala Corp. It will enable the group to further concentrate its capital resources in core markets.
United Utilities has agreed to sell the bulk of its remaining economic interest in Manila Water Company to Ayala Corp. for PHP3.5 billion ($73 million). UU has been one of the key shareholders in MWC since its formation in 1997, and effected a partial exit through the 2005 IPO, which valued the shares at PHP6.50 each.
“United Utilities ...
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