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Conglomerate Ayala Corp. said Tuesday it will sell P5.7 billion worth of common and preferred shares in Manila Water Co Inc. now led by businessman Enrique Razon Jr.
Ayala said in a disclosure to the Philippine Stock Exchange the conglomerate and wholly-owned subsidiary Philwater Holdings Company Inc. would sell 288.998 million MWC common shares and 436,243 MWC participating preferred share. Ayala said that after the transaction, it would retain an effective 23.5-percent voting stake and effective 22.5-percent economic stake in MWC.
It said the sale is in line with the group’s strategy to rationalize its portfolio and raise P50 billion in proceeds.Exports in August grew at the fastest rate this year, led by the recovery of the electronics sector, data from...Philippine Airlines said Tuesday it will resume more domestic routes from Cebu to Luzon and Mindanao in preparation for...Alternergy Holdings Corp. said Tuesday unit Alternergy Tanay Wind Corp. signed a long term lease agreement with the Rizal...
Manila Standard website , launched in August 2002, extends the newspaper’s reach beyond its traditional readers and makes its brand of Philippine news and opinion available to a much wider and geographically diverse readership here and overseas.In tone and content, the online edition mirrors the editorial thrust of the newspaper. While hewing to the traditional precepts of fairness and objectivity, MS believes the news of the day need not be staid, overly long or dry.
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