Conglomerate Ayala Corp. said Friday it will sell its remaining 23.6-percent stake in Manila Water Co Inc. (MWC) to Trident Water Company Holdings Inc. of businessman Enrique Razon Jr. for P14.5 billion.
Ayala and its subsidiaries Michigan Holdings, Inc. and Philwater Holdings Company Inc. signed an agreement with Trident to sell 577.997 million MWC common shares and 872,487 million MWC preferred shares.
“The transactions are aligned with AC’s strategy to rationalize its portfolio and raise P50 billion in proceeds. The proceeds will be used to pare down debt and/or fund future investments,” Ayala said in a disclosure to the stock exchange.
MWC common shares were priced at P22.361 per share based on a 30-day volume-weighted average price as of May 16, 2024, less a 7.2-percent block discount.
The preferred shares were priced on a negotiated basis at P1.844 apiece.
