Razon’s firm makes tender offer for Manila Water shares

February 7, 2020

Nearly a week after getting 25 percent of Manila Water Co. Inc, tycoon Enrique Razon announced a ''mandatory tender offer'' for the firm's shares ''at an officer price of P13.00 a share''.

This was announced by Manila Water in a disclosure to the Philippine Stock Exchange ( PSE) on Friday.

''Manila Water Company, Inc. has received a letter from Prime Metroline Holdings, Inc. that it has announced today, through publication in a newspaper of general circulation, its intention to make a mandatory tender offer for the shares of Manila Water at an offer price of P13.00 per share,'' Manila Water told the PSE.

Manila Water was the most heavily traded stock at the PSE, It drew 44, 257,900 shares worth P600.56 million. 

The move follows the decision of Ayala Corp's Philwater on Thursday to give Razon's Trident Holdings 51 percent voting interest in Manila Water. 

On Monday, Ayala Corp. announced that Razon brought 25 percent of Manila Water for P10.7 billion. Razon's Prime Metroline purchased 820 million common shares of Manila Water at P13 per share.

Razon's purchase placed the Ayala group's holdings in Manila Water at 38.6 percent based on dividend shares. DMS