A subsidiary of Manila Water Co. Inc. in Indonesia has acquired a 20-percent stake in bulk water firm PT Sarana Tirta Ungaran (STU) for P40 million.
Manila Water said in a regulatory filing that the transaction, valued at 10 billion rupiah, covered the purchase by PT Manila Water Indonesia of 4,478 shares of PT STU. This was paid with internally generated funds.
A bulk water supply company, PT STU serves the water utility PDAM Kabupaten Semarang, in the Regency of Semarang. A regency—kabupaten —is a subprovincial administrative entity in Indonesia.
It also provides services to industrial customers in Bawen in the capital Ungaran area of Semarang, Central Java.
With a supply of 21.5 million liters per day, PT STU’s customers include textile and garment manufacturing firm PT APAC Inti Corpora.
“This expands our footprint in Indonesia, after the successful conclusion of our showcase leakage reduction project in Bandung in 2017,” said Perry Rivera, president of Manila Water Asia Pacific.
Manila Water’s Indonesia deal came after the signing last month of an agreement on the purchase of an 18.72-percent stake in East Water Resources Development and Management PCL in Thailand.