In business, they say that what one company can do without is an asset to another. This was the case in the recent deal between business titans Enrique K. Razon, Jr. and Ramon S. Ang.

In a stock exchange filing on Tuesday, Razon-led Manila Water Co. (MWC) confirmed that its subsidiary, Filipinas Water Holdings Corp., has finalized the P1.02-billion sale of Bulakan Water Co., Inc. (BWCI) and Obando Water Co., Inc. (OWCI) to Ang-led SMC Bulacan Water Services Corp.

The deal has successfully met all closing conditions, according to a filing by the east zone water concessionaire.

MWC said that the proceeds from the sale will support its other "strategic initiatives."

The divestment came five months after Filipinas Water decided to sell its 90 percent stake in Bulakan Water, amounting to 135 million shares, and its 90 percent stake in Obando Water, totaling 88.2 million shares.

Bulacan water service ensured

BWCI and OWCI are joint ventures with the Bulakan and Obando Water Districts, respectively, to manage water and sanitation services in their municipalities within the province of Bulacan.

This move complements the existing water services provided by San Miguel Corp. (SMC) through its Luzon Clean Water Development Corp. (LCWDC), which operates the Bulacan Bulk Water Supply Project (BBWSP)—a public-private partnership that ensures clean water for the province.

Last year, LCWDC announced plans to supply potable and affordable water from the Angat reservoir to over 350,000 households in Bulacan by early 2025, as it begins Stage 3A of the BBWSP.

Currently, LCWDC supplies treated bulk water to 13 water districts in Bulacan, reaching 220,000 households in cities and municipalities including Balagtas, Bocaue, Marilao, Meycauayan, Obando, San Jose Del Monte, and others.

Meanwhile, Manila Water serves customers in Metro Manila's eastern zone, including Makati, Pasig, Pateros, and Marikina, as well as parts of Rizal province such as Antipolo and Taytay.

The company also has several partnerships with water districts across the Philippines, from Bulacan to Boracay, and international operations in Thailand, Vietnam, and Saudi Arabia.