Prime's Trident Water acquires controlling stake in Manila Water

13 March 2021

Manila, Philippines – Prime Strategic Holdings, Inc. (PSHI) and its subsidiary Trident Water Company Holdings, Inc. (Trident Water) have acquired the controlling stake in East Zone concessionaire Manila Water Company, Inc. following the purchase of 820 million common shares in February 2020 and 2.69 million preferred shares from Ayala Corporation’s PhilWater Holdings Co. Inc. last month.

On February 1, 2020, Prime Strategic Holdings, named then as Prime Metroline Holdings, Inc., signed a Subscription Agreement to 820 million common shares of Manila Water at a price of Php13 per share. The deal represents 24.96 percent economic rights and 11.91 percent of the total number of voting shares.

Prime Strategic Holdings then incorporated a company–Trident Water–for the said transaction.

On February 15, 2021, Prime’s Trident Water and Ayala’s PhilWater signed an agreement for the purchase of the latter’s 2.69 million preferred shares in Manila Water at Php1.80 per share, amounting to a total of Php4.84 billion. This Share Purchase Agreement reflects a 39.09-percent voting stake and 8.19-percent economic stake in Manila Water.

Manila Water provides water and waste water services to more than six million people in the East Zone, which spans 23 cities and municipalities in Metro Manila and the province of Rizal.

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