MANILA – MetroPac Water Investments Corporation (MWIC), a wholly-owned subsidiary of Metro Pacific Investments Corporation (PSE:MPI), has formally received the Notice of Award for the Iloilo Bulk Water Supply Project from the Metro Iloilo Water District pursuant to the provisions of the 2013 NEDA Guidelines on joint-venture.
In a disclosure to the Philippine Stock Exchange on Tuesday, Metro Pacific Investments Corp (PSE:MPI) said a joint-venture company will be formed by MWIC and MIWD to rehabilitate, expand, operate, and maintain MIWD’s existing water production facilities.
MWIC will hold an 80 percent interest in the JV. The Project will provide up to 170 million liters per day of bulk water supply to MIWD in the next 25 years.The total cost of the Project is Php 2.8 billion, based on 2014 prices.
The JV Agreement for the Project will be executed upon the satisfaction of certain conditions precedent.
Metro Pacific Investments Corporation (PSE:MPI)’s stock was down 0.94 percent before noon on the Philippine Stock Exchange, trading at Php5.29 a share.
About 2.9 million MPI shares, valued at Php15.46 million, were exchanging hands as of 11:40 a.m. MPI’s stock has a 52-week high of Php5.58 and a low of Php4.20. – BusinessNewsAsia.com