Manila Water Philippine Ventures, a wholly owned subsidiary of Manila Water Company, Inc. takes 100 percent ownership of Davao Del Norte Water Infrastructure Company, Inc. (Davao Water) after the acquisition of all shares of iWater Inc.
Prior to the purchase, the Manila Water firm held 51% while iWater held 49 percent equity interest in Davao Water.
The acquisition is in line with the company’s strategic direction to maximize the business potential of existing ventures and take on opportunities for growth and expansion in Visayas and Mindanao.
In 2015, Davao Water formalized a Joint Venture Agreement with the Tagum City Water District and formed Tagum Water Company, Inc. The Joint Venture Agreement is for a fifteen-year water project that will undertake the construction of a bulk water supply system for Tagum City, including an intake structure through riverbank filtration, a water treatment plant with a capacity of 38 million liters per day, transmission pipeline, and a 5,000-cubic meter water reservoir.
Upon completion of its contract term in 2035, the project which started to deliver water in May of 2020 will benefit an estimated two hundred ninety thousand people and serve the water requirements of various commercial and industrial establishments in Tagum City. #(MWC Corporate Communications)
