MANILA, Philippines — Jolliville Holdings Corp., through its subsidiary Philippine H20 Ventures Corp., will sell its water business to Tabuk Water Corp. for P442 million.
This is part of a plan to spin off its water business as stipulated in its memorandum of agreement with Dennis Uy’s Udenna Group.
Under the agreement, Jolliville will sell to Udenna Development Corp. (Udevco) all its 62 percent shareholdings in H2O.
One of the conditions to the sale is the spin-off by H2O of all its existing business and assets.
The water business refers to all of H2O’s shares and interests in Calapan Waterworks Corp. consisting of 137 million common shares or 99.75 percent of the issued and outstanding capital stock of CWWC.
CWWC, a wholly-owned subsidiary of H2O, is the owner and operator of the local waterworks system of Calapan City, Oriental Mindoro and is engaged in the business of developing and utilizing water resources to harness, produce and supply water for domestic, municipal, agricultural, industrial, commercial and recreational purposes.
H2O, meanwhile, is an investment holding company, which is engaged in the operation, maintenance, and distribution of water supply system through CWWC.
Udenna’s acquisition of H20 is believed to be a backdoor listing for his casino venture in Cebu, which will be a $341 million casino on a 12.5-hectare prime beachfront property in Mactan Island in Lapu-Lapu City.