Manila Water seals full takeover of Wawa dam

MANILA, Philippines — Razon-led east zone concessionaire Manila Water Co. has completed the full takeover of a water supply dam in Rizal province following the acquisition of the remaining interest in WawaJVCo, Inc.

The group disclosed on Monday its acquisition of the remaining minority stake from San Lorenzo Ruiz Builders and Developers Group Inc., about a year after Manila Water had purchased a 92.97-percent stake in WawaJVCo.

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Manila Water did not provide details on the value of the deal.

WawaJVCo is another unit of the Razon Group tasked to manage major water infrastructure in Rizal.

Gaining control of the firm allows Manila Water to take charge of both the Tayabasan Weir and the Upper Wawa Dam, which were designed to boost Metro Manila’s water supply.

The Tabasan Weir, which has a capacity of 80 million liters per day (MLD), has been up and running since late 2022. The Upper Wawa Dam, meanwhile, has a supply capacity of up to 710 MLD.

“By consolidating our assets under Manila Water as our core water infrastructure platform, we are enhancing system integration, operational efficiency, and service delivery,” Prime Infra president and chief executive officer Guillaume Lucci also said in an earlier statement.

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Lucci was confident that the move would boost the group’s status “as a leader across the entire water value chain.”

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Manila Water serves the east zone network of Metro Manila, covering parts of Marikina, Pasig, Makati, Taguig, Pateros, Mandaluyong, San Juan, portions of Quezon City and Manila and several towns in Rizal province.

Driven by higher tariffs and sustained demand, the company reported a 6-percent improvement in its bottom line, hitting P8.5 billion in the first six months of the year.

Consolidated revenues also climbed by 11 percent to P22.2 billion.

Manila Water also attributed its better financial results to effective cost management, providing a 13-percent boost in its earnings before interest, taxes, depreciation and amortization to reach P16.4 billion.

During the period, Manila Water spent P6.8 billion, financing capacity expansion and network reliability. INQ