Manila Water acquiring Clark water concessionaire

MANILA, Philippines -  Ayala-led Manila Water Corp. is acquiring the Clark Water Corp., the water concessionaire of the Clark Freeport Economic Zone in Pampanga.

CWC holds a 25-year water utility concession, serving 1,800 locators with a billed volume of approximately 20 million liters per day.

The customer base of CWC is primarily industrial and commercial accounts comprising 83 percent of its total water sales.

In a disclosure to the Philippine Stock Exchange, Manila Water reported that it has signed a sale and purchase agreement with Veolia Water Philippines, Inc., Philippine Water Holdings Co., Inc., Veolia Eau-Compagnie Generale Des Faux to acquire 100 percent of the outstanding capital stock of CWC and the receivables of Veolia Water and Philippine Water from Bonifacio Water Corp.

However, Manila Water informed the PSE, the acquisition is still subject to the fulfillment of certain conditions which it did not specify.

Manila Water yesterday also reported to the PSE that its core income after tax as of September this year grew 13 percent to P3.334 billion compared to the P2.966 billion posted in September 2010.

The East Zone water utility concessionaire saw a seven percent increase in its revenue as of September to P8.904 billion compared to the P8.337 billion in revenues earned as of September 2010.