MANILA - Ayala Corp said Tuesday its unit Philwater Holdings Company Inc sold its preferred shares in Manila Water Company Inc to Trident Water Company Holdings Inc through a share purchase agreement.

Billionaire Enrique Razon's Prime Metroline Holdings Inc (PMHI) formed Trident Water when it acquired 25 percent of Manila Water in 2020.

"The purchase of preferred shares reflects a 39.09 percent voting stake and 8.19 percent economic stake in Manila Water Company Inc," Ayala Corp said in a disclosure to the stock exchange.

The deal involves the sale of Philwater's 2,691,268,205 shares in Manila Water with a purchase price of P1.80 per share, Ayala Corp said

Manila Water is the water distributor in Metro Manila's east zone.

• Antitrust body 'clears' Razon's acquisition of a controlling stake in Manila Water
• Razon may get majority voting rights in Manila Water by April: Ayala Corp
• Razon gets majority voting rights in Manila Water

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