Manila Water to issue cash dividends

MANILA, Philippines - East Zone Water concessionaire Manila Water Co. Inc. is distributing cash dividends at the end of the year.

In a disclosure to the Philippine Stock Exchange yesterday, the company announced that its Board of Directors has authorized payment of a cash dividend per share of 10 percent per annum amounting to P0.01 for the period Jan. 1, 2012 to Dec. 31, 2012 on the outstanding four billion participating preferred shares (PPS) of the capital stock of the firm.

This would be paid to PPS shareholders as of Dec. 1, 2012, distributable on Dec. 28, 2012.

Manila Water Co. recently inaugurated its P240-million Penafrancia System Project in Marikina and Antipolo.

The new water system will service 22, 241 households in Marikina and Antipolo especially households in Barangay Cupang in Antipolo and Concepcion 2 in Marikina that were previously dependent on deep wells and tanker deliveries.

The water system comprises a reservoir that has a 10 million liter reservoir and eight kilometers of 600 millimeter-diameter transmission and distribution pipelines.

Manila Water president and CEO Gerardo Ablaza said the infrastructure is designed to ensure the reliability of the water supply in the areas covered by the water system.

Manila Water group director for East Zone business opertations Ferdinand De La Cruz said more than 10,000 households in Marikina and Antipolo have so far been connected to the new water system.

The remaining connections are expected to be completed next year.

The Penafrancia water system project was begun in 2008 but was only inaugurated this year because of delays caused by right-of-way issues.

Manila Water is the private concessionaire of the Metropolitan Waterworks and Sewerage System providing water and wastewater services to Marikina, Pasig, Makati, Taguig, Pateros, Mandaluyong, San Juan, portions of Quezon City and Manila and several towns of the nearby province of Rizal.