Ayala Corporation finalized agreements with tycoon Enrique Razon Jr.’s Trident Water Company Holdings to sell its remaining stake in Manila Water Co. (MWC) for P14.5 billion.
This involves the sale of about 578 million common shares and 872,49 million preferred shares, a stock exchange filing showed on Friday.
Following these sales, Ayala will no longer hold common shares or a voting stake in Manila Water. It will maintain a 12.08 percent economic interest since the preferred shares will be paid on an installment basis until 2029.
The Manila Water common shares were sold at P22.361 each, reflecting a 7.2 percent block discount from the 30-day volume-weighted average price as of May 16, 2024. The preferred shares were negotiated at a price of P1.844 per share.
