AEV enters water business

MANILA, Philippines - Aboitiz Equity Ventures Inc. (AEV), the investment holding company of the Aboitiz Group, has moved a step closer in implementing its water supply project in Davao City.

In a disclosure to the Philippine Stock Exchange, AEV said it has received notification from J.V. Angeles Construction Corp. (JVACC) on the notice of award from the Davao City Water District (DCWD) for the financing, design, construction and operations of the Tamugan surface water development project.

AEV earlier entered into a memorandum of understanding with JVACC to supply treated bulk water to DCWD and to construct a water treatment facility powered by its own renewable energy source and the conveyance system needed to deliver treated bulk water to numerous points covered by DCWD.

“The JVACC-AEV consortium will have to comply with the requirements in the notice of award before the joint venture agreement with DCWD can be executed,” AEV said.

In an earlier disclosure, AEV said that the proposed venture includes the construction of a hydroelectric-powered water treatment facility.

JVACC proposed to supply 300 million liters per day of potable bulk water.

A listed company, AEV has investments in power, banking, property and food.  It was listed on the Philippine Stock Exchange in November 1994.

In banking, AEV is the largest shareholder of UnionBank, one of the country’s largest commercial banks, offering a wide range of quality financial products and services to retail customers, middle market and corporate clients, and major government institutions.

AEV’s food subsidiary, Pilmico Foods Corp., is one of the largest flour manufacturers and wheat by-products.