Ayala Signs $75 Million USD Agreement to Increase Stake in Manila Water

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MANILA, Philippines

Ayala Corporation last week signed a $75 million USD agreement with United Utilities and Philwater Holdings Co. Inc. to increase its stake in Manila Water Co. Inc. with an additional 81.9 million common shares and an economic interest in 2 billion preferred shares.

The agreement will increase Ayala's stake in the water utility from 31.7 percent to 43.3 percent.