Defining the News
Conglomerate Ayala Corp. said Wednesday 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 that after the transaction, it would retain an effective 23.5-percent voting stake and effective 22.5-percent economic stake in MWC. Ayala, which has been selling stake in non-core businesses, said it would use the proceeds to pare down debt and/or fund future investments. Meanwhile, the preferred shares were priced on a negotiated basis at P1.7165 apiece, considering the participation features of such shares to dividends to common shares on a 1/10 basis.MWC provides water treatment, water distribution, sewerage and sanitation services to more than seven million people in the east zone of Metro Manila.
Philippines Latest News, Philippines Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Ayala Corp sells part of stake in in Manila WaterAyala Corporation (AC) on Wednesday said it is selling part of its investments in Manila Water Company for P5.7 billion.
Read more »
Ayala Corp sells part of stake in Manila WaterAyala Corporation (AC) on Wednesday said it is selling part of its investments in Manila Water Company for P5.7 billion.
Read more »
Ayala selling P5.7 billion worth of Manila Water sharesDefining the News
Read more »
Arab support for Palestinian cause swells after Hamas assaultDefining the News
Read more »
Russian forces close in on east Ukraine’s AvdiivkaDefining the News
Read more »
Russia loses bid to regain seat on UN rights bodyDefining the News
Read more »