Maynilad acquires 10% of Subic Water

MANILA, Philippines - West Zone Water concessionaire Maynilad Water  Services Inc. has acquired 10 percent ownership of Subic Water.

In a statement issued yesterday, Maynilad announced that its president Victorico Vargas and Olongapo City mayor James Gordon has signed a share purchase agreement for the transfer of 10 percent of the city’s ownership of Subic Water.

Consunji-led Maynilad won the bidding for Olongapo City’s share in Subic Water with a bid price of P210 million.

Subic water currently serves 40,000 customers in Olongapo City and the Subic Bay Freeport Zone.

In its west zone concession area in Metro Manila, Maynilad services the cities of Manila (all but portions of San Andres and Sta Ana), Quezon City (west of San Juan River, West Avenue, EDSA, Congressional, Mindanao Avenue, the northern part starting from the districts of the Holy Spirit and Batasan Hills), Makati (west of South Super Highway), Caloocan, Pasay, Parañaque, Las Piñas, Muntinlupa, Valenzuela, Navotas and Malabon all in Metro Manila; the cities of Cavite, Bacoor and Imus, and the towns of Kawit, Noveleta and Rosario, all in the Cavite Province.

Its customer base ending 2012 has risen to 1.73 million accounts from 677, 985 accounts since it took over the west zone concession are in 2007.

As of end-2012, its non revenue water (NRW) in the west zone stood at 40.9 percent, down from 66 percent before 2007.

Water loss was caused by leaks and illegal connections. 

Maynilad earlier reported that since 2008, it was able to replace a total of 940 km of pipes in several areas within its concession; over 150,000 leaks have been repaired.