MANILA - Billionaire Enrique Razon Jr was named Manila Water's director, chairman of the board, president, CEO, and chairman and member of the executive committee following his firm's acquisition of the majority of voting interest in the concessionaire, the company said Monday.
Razon's Prime Metroline Holdings Inc's Trident Water Company Holdings has acquired 51 percent voting interest in Manila Water Co, it said in a disclosure to the stock exchange.
The change in the Board of Directors was approved by the board on June 3, Manila Water Inc said in a disclosure to the stock exchange.
Razon replaced Fernando Zobel de Ayala as chairman of the board of directors and as chairman and member of the executive committee, MWC said.
"Please be informed that our Board of Directors, at its special meeting held at 5:00 P.M. today, approved the changes in the Board and management following the Closing of the Subscription Agreement," the statement said, citing a letter dated June 3.
Manila Water said Trident has completed the Tender Offer for the transaction last June 3. The changes also took effect on the said date.
Razon's Bloomberry Resorts Corp operates Solaire. Razon is also the Chairman and President of International Container Terminal Services Inc, which has footprints in ports all over the world.
Razon is also the county's second richest with an estimated net worth of $5 billion according to the latest Forbes 35th annual ranking of the world’s richest people.
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