Ayala Corp.’s senior officials Alberto M. de Larrazabal and Karl Kendrick T. Chua resigned as directors of Manila Water Co. after the Zobel family-led conglomerate agreed to sell its remaining shares in the water services giant.
In line with its looming exit, Ayala also terminated the shareholders agreement with tycoon Enrique Razon Jr.-led Trident Water Company Holdings, which is buying Ayala’s remaining Manila Water shares for P14.5 billion.
Chua, the former Secretary of the National Economic and Development Authority during the Duterte administration, is also a director of Ayala Group companies such as Bank of the Philippine Islands, AC Ventures, and the Lao family’s D&L Industries Inc.
De Larrazabal, Ayala chief finance officer and senior managing director, is the chair and CEO of AC Ventures. He is also a director of Ayala Group companies, including Integrated Micro-Electronics Inc. and ENEX Energy Corp.
Miguel R. Camus has been a reporter covering various domestic business topics since 2009.
