MANILA – The transfer of majority voting rights of Manila Water to Enrique Razon’s Trident Water will take effect after the April stockholders meeting and upon regulatory approvals, the utility's parent, Ayala Corp said Tuesday.
The grant of 51-percent voting rights to Razon-led Trident Water will be effective after the agreement closes on April 17, the date of the annual stockholders meeting and upon approval from the Securities and Exchange Commission, Ayala Corp told the stock exchange.
Ayala subsidiary Philwater owns 4 billion of preferred shares in Manila Water or 65.95 percent of voting shares in the water concessionaire. With the grant of proxy rights to Trident Water, Ayala's voting interest will be 31.6 percent.
Razon acquired 25 percent shares in Manila Water as it faced a government probe on alleged "onerous" provisions in their concession agreements. The inquiry also includes Maynilad Water Services Inc.
The billionaire port magnate offered to buy more shares in Manila Water last week at P13 apiece.