Mla Water completes acquisition

MANILA, Philippines - Ayala-led utility firm Manila Water Corp. has completed the acquisition of Clark Water Corp., the water concessionaire of the Clark Freeport Economic Zone in Pampanga.

In a disclosure to the stock exchange yesterday, Manila Water said the acquisition was pursuant to a sale and purchase agreement signed with Veolia Water Philippines Inc., Philippine Water Holdings Inc. and Veolia Eau-Compagnie General Des Eaux.

Clark Water holds a 25-year water utility concession, serving 1,800 locators with a billed volume of approximately 20 million liters per day.

Its customer base is primarily industrial and commercial accounts, comprising 83 percent of its total customers.

Manila Water, on the other hand, supplies water to the east zone concession of the capital, the province of Laguna and Boracay island.

The company posted net earnings of P3.11 billion in the nine months ending September this year, up 4.7 percent from P2.975 billion a year earlier.