Mla Water to redeem P4-B bonds

MANILA, Philippines - Ayala-run Manila Water Corp is redeeming P4 billion worth of fixed-rate bonds ahead of maturity, the company said yesterday.

In its disclosure to the Philippine Stock Exchange, Manila Water said it is buying back bonds due 2013 at 102 percent of principal amount and accrued interest on Oct. 23 from bondholders of record as of Oct. 19.

The bonds would then be delisted from the Philippine Dealing & Exchange Corp (PDEX) upon redemption.

Manila Water recently completed the construction of a new sewage treatment plant (STP) in Makati City that forms part of the Three-River Sewerage Master Plan aimed at providing 100-percent sewerage coverage in Metro Manila’s East Zone.

When fully operational, the facility will be capable of processing 11 million liters per day of wastewater, bulk of which comes from domestic households.

The completion of this new sewage treatment facility is a big step towards reviving the old glory of major waterways in Marikina, San Juan and Pasig.

The project, which began construction in 2009, was implemented in partnership with the local government of Makati, the MMDA and the

Department of Environment and Natural Resources (DENR).

The STP is one component of the World Bank-financed Manila Third Sewerage Project.

Manila Water is currently operating a total of 36 wastewater treatment facilities within the East Zone capable of treating a total of 135 million liters of wastewater daily.