 |
| Photo file from Rappler (ctto) |
Manila, Philippines – Manila Water Company Inc, a company
led by Ayala is venturing into the water industry of Thailand as part of its Southeast
Asia expansion.
On Monday, Manila Water has signed a share of purchase
agreement with Electricity Generating Public Company Limited (EGCO) to acquire its
18.72 percent equity in Eastern Water Resources Development and Management
Public Company Limited that is based in Thailand.
While the closing of the acquisition is still on going, reports
said that the company intends to finance the transaction through internally
generated funds and bank debts.
“We recognize the opportunities this new market presents for
us, and we are eager to share the technical expertise and service quality which
Manila Water has developed over the last 20 years.
From the conglomerate
perspective, Ayala sees this development as a strategic entry point into
Thailand. With Manila Water leading the way, we hope to leverage our various
capabilities to enlarge our footprint in the country,” said Fernando Zobel de Ayala, the Ayala President
and Chief Operating Officer and Manila Water Board Chairman.
The East Water operates along the Eastern Economic Corridor targeting
the supposed leading economic zone in the Southeast Asian region.
“Our entry into the Thailand water space aligns squarely
with our internationalization strategy, with focus in Southeast Asia. East
Water presents great potential, as its future growth will mainly come from the
Eastern Economic Corridor (EEC), the Thai government’s initiative to further
develop the country’s eastern seaboard into a leading economic zone in ASEAN,” Manila
Water President and Chief Executive Officer Ferdz dela Cruz, said.
East Water is a publicly listed company who shares are
traded in Stock Exchange of Thailand.
The Manila Water’s expansion and entry into Thailand came
after its venture into bulk water and concession project in Vietnam.
The Ayala-led company has also completed its pilot projects
in Bandung, Indonesia for a non-revenue water reduction program, also in
Yangon, Myanmar for reduction of leakage.
0 Comments