Manila Water acquires stake in Indonesian bulk water supply company
Manila Water has recently signed a Share Purchase Agreement with Indonesian bulk water supply company, PT. Sarana Tirta Ungaran (STU), to acquire a 20-percent stake in the latter.
Manila Water said that with a capacity of 21.5 million liters per day, STU services PDAM Kabupaten Semarang, a regency in Central Java, and industrial customers in itsManila Water including PT. APAC Inti Corpora, a 100-hectare textile and garment manufacturing company.
The company said this investment will pave the way for an opportunity to leverage its technical capability to establish its market presence in Southeast Asia.
“This acquisition expands our footprint in Indonesia, after the successful completion of our showcase leakage reduction project in Bandung in 2017,” Manila Water Asia Pacific President Virgilio C. River said.
“This clearly demonstrates our continued interest in the Indonesian market and provides an opportunity to further strengthen our growth platform and harness the vast potential for synergies within the ASEAN region,” he added.