Ayala units to form water company for property projects

Ayala Corp. units Ayala Land, Inc. and Manila Water Co., Inc. will form a company that will serve Ayala Land communities south of Metro Manila, the companies separately told the Philippine Stock Exchange on Wednesday. The joint venture water and wastewater facility will be used mainly for the 1,700-hectare Nuvali community in Laguna province. The new unit will also supply water to communities built by Ayala Land subsidiaries Avida Land Corp., Alveo Land Corp., Ceci Realty, Inc., Aurora Properties, Inc. and Vesta Property Holdings, Inc. Avida Land Corp. has 13 projects in Laguna, Batangas and Cavite, while Alveo Land Corp. has two developments in Laguna. "Key management officers of both parties [will make up] the joint venture company’s management and operations team who will be responsible for the overall direction and control of the [company] and the formulation of its policies," Ayala Land said. Manila Water supplies water to eastern Metro Manila and parts of Rizal province. — Nikka A. Corsino/NPA, GMANews.TV