Razon's Trident takes over Manila Water

Ayala Corporation (AC) has sold out its entire interest in Manila Water Co. Inc. to mogul Enrique K. Razon's Trident Water Company Holdings Inc. for P14.5 billion.

In a report to the stock exchange, AC said its executive committee approved the transaction among AC and wholly-owned subsidiary, Michigan Holdings Inc. with Trident involving the special block sales covering AC’s and Michigan’s 578 million MWC common shares.

Another AC unit Philwater Holdings Company Inc. and Trident will also be executing a deed of absolute sale for 872 million preferred shares.

Ayala, after the sale of common shares, will retain an effective 12.08 percent in the company through the preferred shares which has no voting rights.

Once the preferred shares have been fully paid for, through installments, in 2029, Ayala’s economic stake in MWC will drop to zero.