Razon takes over Manila Water leadership

Ports and casino magnate Enrique Razon has taken over the helm of east zone concessionaire Manila Water Company, Inc. after he acquired controlling stake in the water distributor from Ayala Corp. last year.

In a filing to the Philippine Stock Exchange on Friday, Manila Water disclosed that Razon was appointed as the company’s director, chairman of the Board of Directors, president and chief executive officer, and chairman and member of Executive Committee, effective June 3, 2021.

The leadership change took place during the special meeting of Manila Water’s Board of Directors on Thursday.

With the ports magnate’s takeover, Fernando Zobel de Ayala has stepped down as Manila Water’s chairman of the Board of Directors, chairman and member of the Executive Committee, and member of the Talent and Remuneration Committee. He remains director of the company’s board.

Meanwhile, Fernando’s brother Jaime Augusto Zobel de Ayala resigned as the company’s vice chairman and director.

Manila Water president and CEO Jose Rene Gregory Almendras also stepped down from his post as it was immediately assumed by Razon.

In February last year, the Ayala Corporation granted 51% voting interest in Manila Water to Razon-led Trident Water through subscription of 820 million common shares of stock from the unissued authorized capital stock of the water distribution utility. 

Moreover, Manila Water’s subsidiary, Philwater Holdings Co., granted proxy in favor of Trident Water over the seller’s preferred shares to allow the latter to achieve a 51% voting interest in Manila Water.

Manila Water, the acquired entity, is a publicly listed company holding the exclusive right to provide water services, particularly water treatment, water distribution, sewerage and sanitation services, to the eastern zone of Metro Manila via a concession agreement with the Metropolitan Waterworks and Sewerage System (MWSS). —LBG, GMA News