Razon’s Trident Water gets 51% voting interest in Manila Water

February 6, 2020

Ayala Corp. through Philwater, gave Enrique Razon's Trident Water 51 percent voting interest in Manila Water Corp., according to its disclosure at the Philippine Stock Exchange (PSE) Thursday. 

As part of a shareholder agreement with its subsidiary Philwater Holdings Co. and Razon's Trident Water, Ayala Corp. "has approved the grant of proxy rights by Philwater to Trident Water over such number of preferred shares to enable the latter to achieve 51 percent voting interest in Manila Water.''

Philwater owns 4,000,000,000 of preferred shares in Manila Water, representing 65.95percent of voting shares in the company.

Upon the grant of proxy rights to Trident Water, Ayala’s effective voting interest in Manila Water will stand at 31.6 percent. Razon holds 25 percent.

The shareholders’ agreement will become effective after the closing of the subscription agreement, which will occur after certain conditions are met, including required lenders’ consent and regulatory approvals, the PSE disclosure said.

This arrangement aims to strategically rationalize the economic and voting stakes between Ayala and Trident Water as strategic partners in Manila Water, the disclosure said. DMS