MPIC enters 'high growth' wastewater business

MIchelle Ong, ABS-CBN News

Posted at Jun 17 2016 11:20 AM

MANILA - Metro Pacific Investments Corp. said Friday its water unit has acquired a 65-percent stake in a wastewater treatment company for P1.8 billion.

The investment in Eco-System Technologies International Inc. (ESTII), which services major malls, hospitals, hotels and resorts will allow MPIC to diversify into the "high growth" wastewater business, the conglomerate told the stock exchange.

MPIC said it bought 12,000,000 Class A common shares of ESTII at P141.67 per share and 1,000,000 Class C common shares at P100 per share.

MPIC shares were up 0.31 percent to 6.52 pesos in early trading on Friday.