Manila Water Co. Inc. on Tuesday announced the successful completion of the sale of its water business in Bulacan to SMC Bulacan Water Services Corp. The transaction involves the transfer of its 90 percent stake in Bulakan Water Co. Inc. (BWCI) and 90 percent stake in Obando Water Co. Inc. (OWCI) for a total P1.02 billion.
In a disclosure to the Philippine Stock Exchange, Manila Water confirmed that all closing conditions set by subsidiary form Filipinas Water Holdings Corp. (FWHC) were met. Proceeds from the sale will be reinvested to support other strategic initiatives. With the completion of the deal, amendments to the respective joint venture agreements were also executed, allowing SMC Bulacan to replace FWHC as the joint venture partner of the local water districts.
BWCI and OWCI provide essential water and sanitation services in Bulakan and Obando, respectively. Prior to the acquisition, San Miguel Corporation (SMC) was already active in the region through the Luzon Clean Water Development Corp. (LCWDC) which operates the Bulacan bulk water supply project (BBWSP). This public-private partnership aims to ensure potable and affordable water for over 350,000 households in Bulacan by early 2025, with the rollout of Stage 3A covering additional water districts.
Currently, LCWDC supplies treated bulk water to 13 districts, reaching approximately 220,000 households in various municipalities, including Balagtas, Bocaue, and the City of Malolos. Meanwhile, Manila Water continues to focus its services on Metro Manila and parts of Rizal province, with ongoing partnerships to expand its reach further.
This strategic move enhances SMC’s commitment to improving water services in Bulacan, while Manila Water continues to diversify its operations across multiple regions and partnerships.
