UK firm acquires 5.4% of Manila Water

MANILA, Philippines - UK-based First State Investment Management Ltd. and its units have acquired a combined 5.438 percent of Ayala-led utility firm Manila Water Co. Inc., according to a beneficial ownership report filed with securities regulators.

First State Investment is a specialist asset management business focused on developing and managing innovative investment products which seek to outperform its clients objectives. It offers a range of product structures across categories including Asia Pacific and global emerging markets and global resources and equities.

The company forms part of the consolidated asset management business of the Commonwealth Bank of Australia, managing £70.8 billion on behalf of investors worldwide.

Manila Water has an existing concession in the east zone of Metro Manila with a customer base of around 5.6 million people. Since the start of operations in 1997, the company has already increased 24-hour water coverage to 99 percent from 26 percent and reduced water losses from 63 percent to less than 20 percent.

Manila Water also continues to explore potential new water sources and undertakes reliability programs to ensure service continuity as well as mitigate impacts of calamities and other natural calamities.

Continuing rehabilitation programs are undertaken to further enhance service levels in areas with 24/7 water supply which include Mandaluyong, Pasig, San Juan, Marikina, Pateros, Makati, southeastern part of Quezon City and San Andres and Sta. Ana in Manila.

With 100 percent coverage in these areas, aggressive service expansion programs are underway in Taguig, Antipolo, San Mateo, Rodriguez, Cainta, Taytay and Angono.

Manila Water has also started providing water supply to the towns of Baras, Binangonan and Jalajala in Rizal province.