Manila Water's Singapore unit completes share-purchase deal in Saigon Water
Ayala-led Manila Water Company Inc. on Tuesday said its Singapore unit completed acquiring a 31.47-percent equity in Vietnam's Saigon Water Infrastructure Corporation.
The Metro Manila East Zone concessionaire noted in a disclosure to the Philippine Stock Exchange its wholly-owned subsidiary Manila Water South Asia Holdings Pte. Ltd. completed the subscription to 18.37 million primary shares of Saigon Water at 16,900 Vietnamese dong (VND) per share.
According to the XE online currency converter $1 is equivalent to 21,109.30 VND.
Listed on the Ho Chi Minh Stock Exchange since September 2012, Saigon Water is going to develop the Sagion Pleiku water plant project in Gia Lai province which will have a treatment capacity of 30,000 cubic meters per day.
"The transaction is in line with the investment strategy of Manila Water in Vietnam and Asia," Manila Water said.
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