MANILA, Philippines — Maynilad Water Services Inc. is pouring in massive investments again this year as it pipelines more than P30 billion for capital expenditures.
“For this year, we’re looking at anywhere from P30 billion to above P30 billion,” Maynilad president and CEO Ramoncito Fernandez said.
He said the budget would be used primarily for the company’s water and wastewater projects as well as support its non-revenue water reduction program.
To continue accelerating its service enhancement program, Maynilad earmarked more than P31 billion for capex in 2024, the biggest capital investment for the company since water services in Metro Manila were privatized in 1997.
Fernandez said Maynilad is optimistic about its business performance this year given that water supply is better with La Niña and that all of the company’s programs and projects have already started yielding positive impact on its operations.
“It should be a better year. The economy is still growing and definitely demand for water will still continue to grow,” Fernandez said.
“Water availability has significantly improved in the past 24 months. We’re looking forward to a better year. Much, much better,” he said.
Maynilad is the concessionaire of the government in providing water services in the West Zone of Metro Manila.
The company is jointly owned by Metro Pacific Investments Corp., DMCI Holdings of the Consunji Group and Marubeni Corp. of Japan.
Under Maynilad’s legislative franchise, the company must become a publicly listed firm on or before January 2027 and offer at least 30 percent of its outstanding capital stock five years from the grant of the franchise.
Fernandez last year said Maynilad is targeting to make its stock market debut either by April or July of 2025.
At a special meeting in November last year, the company’s board of directors approved the conduct of the initial public offering of the corporation’s common shares, subject to the registration requirements of the Securities and Exchange Commission and the listing requirements of the Philippine Stock Exchange.
Maynilad chairman Manuel V. Pangilinan said last week that the company is currently busy talking to banks in hopes of getting its initial public offering done this year or next year at the latest.