MANILA, Philippines -- Manila Water Co. Inc. said Thursday it won a $15-million water supply development and management contract in Ho Chi Minh City.

The five-year contract issued by Saigon Water Corp. is Manila Water's first project in Vietnam, the company said in a statement.

"Under this World Bank-funded project, Manila Water will perform construction works as well as leakage reduction and district metering area management service to reduce Ho Chi Minh's non-revenue water," it said.

Manila Water, the concessionaire for the east zone of Metro Manila, is a unit of conglomerate Ayala Corp. and partly owned by Mitsubishi Corp.

Manila Water had earlier reported it was vying for projects in Hong Kong, Vietnam, India and China.

Shares in Manila Water closed down 4.1 percent to P17.50 ahead of the announcement.

Ayala Corp. fell 1.0 percent to P255.00.

($1 = P45.50)