Manila Water Co Inc., a unit of Ayala Corp., acquired a 20 percent interest in Indonesia bulk water supplier PT Sarana Tirta Ungaran for IDR10 billion, or close to P40 million.
Manila Water said in a disclosure to the stock exchange unit PT Manila Water Indonesia signed an agreement with PT Triguna Rapindo Mandiri to acquire 4,478 shares of STU, or equivalent to a 20-percent stake.
Manila Water said it planned to finance the transition through internally generated funds.
STU is bulk water supply company serving PDAM Kabupaten Semaran and industrial customers in Bawen, Ungaran ara of Semerang Regency, Central Java province, with a capacity of 21.5 million litters per day. Its customers include PT APAC Inti Corpora, a 100-hectare textile and garment manufacturing firm.
Manila Water’s acquisition in Indonesia followed its foray into the bulk water and concession projects in Thailand and Vietnam. The company is now the largest direct foreign investor in Vietnam’s water sector.