MANILA -- Billionaire Enrique Razon offered to buy the rest of Manila Water, seeking to consolidate his control as the government renegotiates its contract to supply water to the capital's east zone, according to a stock exchange filing on Friday.
Razon's Prime Metroline Holdings set the tender offer at P13 per share, Manila Water said in a disclosure. On Tuesday, the port magnate got a 51-percent or majority voting interest after securing proxy rights from the water firm's parent, Ayala Corp. The government is renegotiating its contracts with Manila Water and Maynilad Water Services Inc, which supplies the west half of the capital, after President Rodrigo Duterte tagged the concession agreements as "onerous."
Shares of Manila Water fell 9 percent after the tender offer was announced. The P13 offer is lower than Manila Water closing price of P14.96 on Thursday. After Duterte's tirades late last year, Manila Water dropped a P7.4-billion compensation claim which was awarded by a Singapore-based arbitration court over denied petitions for tariff hikes.
Why not offer it to the govt? Lol
janidipp related mo? 😊
My idol billionaire
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Razon investment in Manila Water has no effect on concession deal – GuevarraThe Razon group’s Prime Metroline Holdings Inc. acquisition of the 25-percent stake at the Ayala group’s Manila Water Co. Inc. will not have any effect on the revision of the government’s concession agreement with the water firms. | T2TupasINQ T2TupasINQ Laki naman ng ownership ni bunggu at tatae T2TupasINQ But....
Source: inquirerdotnet - 🏆 3. / 86 Read more »
Ayala agrees to yield 51% voting rights in Manila Water to Razon groupAyala Corporation has bared plans of ceding control over Manila Water to the group of businessman Enrique Razon, which will get 51 percent voting rights in the embattled utility firm. abangan ang mga susunod na kabanata Hmm mm..... Rather than loosing everything, your decision to give up majority control of Manila Water will save other stockholders from losing their investments. Dotardte will not stop until his friends and supporters can forcibly take over Manila Water. Let karma strike on him in 2022💥⚡️
Source: CNN Philippines - 🏆 13. / 63 Read more »
Razon's buy-in of Manila Water won't stop contract review - DOJDiscussions with water concessionaires will start in March, says Justice Secretary Menardo Guevarra.
Source: rapplerdotcom - 🏆 4. / 86 Read more »
Ayala agrees to yield 51% voting rights in Manila Water to Razon groupAyala Corporation has bared plans of ceding control over Manila Water to the group of businessman Enrique Razon, which will get 51 percent voting rights in the embattled utility firm. abangan ang mga susunod na kabanata Hmm mm..... Rather than loosing everything, your decision to give up majority control of Manila Water will save other stockholders from losing their investments. Dotardte will not stop until his friends and supporters can forcibly take over Manila Water. Let karma strike on him in 2022💥⚡️
Source: CNN Philippines - 🏆 13. / 63 Read more »
Manila Water employees jittery over Razon’s entry(UPDATED) Manila Water's employees want to hear big news direct from management rather than the media
Source: rapplerdotcom - 🏆 4. / 86 Read more »
Razon investment in Manila Water has no effect on concession deal – GuevarraThe Razon group’s Prime Metroline Holdings Inc. acquisition of the 25-percent stake at the Ayala group’s Manila Water Co. Inc. will not have any effect on the revision of the government’s concession agreement with the water firms. | T2TupasINQ T2TupasINQ Laki naman ng ownership ni bunggu at tatae T2TupasINQ But....
Source: inquirerdotnet - 🏆 3. / 86 Read more »