Maynilad Water Services Inc (Maynilad), the private firm managing the water services of the western zone of Metro Manila in the Philippines, has signed a joint venture agreement (JVA) with PT Moya Indonesia (Moya Indonesia) for the establishment of a joint venture company (JVCo).
Here are the three fast facts about Maynilad’s JVA with Moya Indonesia:
1. The JVCo will be named PT Water Tecnologia Indonesia
According to DMCI Holdings (PSE:DMC)’s disclosure to the Philippine Stock Exchange, the joint venture company that Maynilad and Moya Indonesia agreed to form will be tentatively named PT Water Tecnologia Indonesia.
DMCI Holdings holds an equity inetrest in Maynilad Water Holding Company.
PT Water Tecnologia Indonesia will provide water and wastewater services in Indonesia, such as pipe network design and installation, non-revenue water and wastewater management.
2. Maynilad will own 49% of PT Water Tecnologia Indonesia
According to the disclosure, majority of the JVCo, or 51%, will be owned by Moya Indonesia while Maynilad will own the remaining 49%.
The agreement still needs the approval of Indonesia’s Investment Coordinating Board and the Ministry of Justice.
3. Moya Indonesia owns 95% of Indonesia’s water concessionaires
PT Moya Indonesia is an Indonesian firm set up in 2011 and engaged in build, operate and transfer projects involving water treatment and supply of potable water in Indonesia.
It owns 95% of PT Moya Bekasi Jaya, PT Moya Tangerang, and PT Moya Makassar, each of which has a service concession arrangement with the Regional Drinking Water Company (PDAM) of Tirta Bhagasasi Bekasi Regency, Tirta Benteng Tangerang City and Tirta Dharma Makassar City, respectively, for the provision of bulk water to these areas. – BusinessNewsAsia.com
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