PARTNERSHIP. Ports tycoon Enrique Razon gains majority of voting rights in embattled Manila Water. Photo from Ayala Corporationin Ayala-led Manila Water, gaming and ports tycoon Enrique Razon Jr gained 51% of voting interest in the company.
Ayala's Executive Committee approved on Thursday, February 6, the grant of proxy rights by Philwater, an Ayala subsidiary, to Razon's Trident Water, over a number of preferred shares to enable the latter to achieve 51% voting interest in Manila Water. Philwater owns 4 million preferred shares in Manila Water, representing 65.95% of voting shares in the company. Upon the grant of proxy rights to Trident Water, Ayala's voting interest in Manila Water will be reduced to 31.6%., but Razon's Trident Water will essentially be running the business.
Razon owns 25% of Manila Water through common shares, while Ayala has 38.6%. Razon bought his stake in the company for P10.7 billion, infusing fresh equity into the embattled company. "This arrangement aims to strategically rationalize the economic and voting stakes between Ayala and Trident Water as strategic partners in Manila Water," Manila Water said.
Basta may libreng halo halo pag water interruption.
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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💥⚡️
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