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.