Japanese firm Marubeni acquires 20% stake in Maynilad

Metro Pacific Investments Corp. (MPIC) and DMCI Holdings, Inc. (DMCI) have finalized the sale of 20-percent economic interest in west zone concessionaire Maynilad Water Services, Inc. to Japanese firm Marubeni Corp. In disclosures to Philippine Stock Exchange, both firms said Marubeni will acquire a shareholding of 21.54 percent in DMWCI through an affiliate. DMWCI is the joint venture holding company which will hold 92.85 percent of the shares in Maynilad. Infrastructure holding firm MPIC is reducing its economic interest in Maynilad by 4 percent to 52.8 percent while construction firm DMCI will reduce its interest by 16 percent to 25.24 percent as a result of this transaction. MPIC and Maynilad chairman Manuel V. Pangilinan said the agreement will allow them to expand the shareholder roster of Maynilad, which will lead to the next stage of development through significantly increased investment in sewage and waste water management. "I believe Marubeni will be a valuable addition to the MPIC/DMCI partnership which has been so successful to date in delivering expanded and improved clean water provision to millions of people in our concession area," he said. Meanwhile, DMCI president Isidro A. Consunji noted "Marubeni has been a strong partner of DMCI for many years." "Its entry into Maynilad will help us gain access to Marubeni’s technical and engineering expertise as well as to Japanese financing institutions, thereby assisting in the further development of Maynilad," he said.  — BM, GMA News