Manila Water Co. Inc. is expanding its presence in Vietnam.
The Ayala-led water services provider disclosed to the Philippine Stock Exchange on Thursday that its subsidiary, Thu Duc Water Holdings Pte. Ltd., intends to acquire the 49-percent stake of its partner in Thu Duc Water BOO Corp. (TDW BOO). An agreement was signed by Manila Water’s subsidiary and its partner, Ho Chi Minh City Infrastructure Joint Stock Co. on this.
TDW BOO is a Vietnamese joint stock company established in 2004 and the largest private bulk water supplier in the southern part of Vietnam.
It has a bulk water supply contract with Saigon Water Corp. with a minimum billed volume of 300 million liters per day. Manila Water said the new deal was on top of its existing operations in Vietnam.
In 2008, Manila Water entered into a five-year Performance-Based Leakage Reduction contract with the Saigon Water Corp. in Vietnam. It also signed an agreement with Vietnam’s REE Corp. and Mitsubishi Corp. to develop water, wastewater and environmentally related projects in Vietnam.