Ayala-led Manila Water Co. (MWC) is scouting for new bulk water projects in Indonesia and Vietnam, in line with plans to expand its footprint across Southeast Asia and grow its overseas business to account for 10 percent of total business.
In an interview on Friday, MWC president Ferdinand dela Cruz said they were looking at new bulk water projects outside Vietnam’s Ho Chi Minh City.
MWC’s offshore expansion gained ground in Ho Chi Minh and over the years, it became a leading foreign investor in Vietnam’s water space with over $120 million so far invested in this market.
“What’s good with Vietnam is that they are very disciplined in publishing what’s available. What’s hard is screening but at least we have local partners, so we’re always on the lookout,” MWC said.
Dela Cruz said MWC was also looking at new bulk water projects in Indonesia. He said it was difficult to predict when deals could be finalized. Earlier this year, MWC acquired 20 percent of bulk water supplier PT Sarana Tirta Ungaran.
MWC is also upbeat on Thailand, where it recently invested P8.6 billion to acquire an 18.72-percent stake in East Water.