MetroPac Water expands foothold in Vietnam, acquires Tuan Loc stake
Expanding its foothold in Vietnam, MetroPac Water Investment Corp., the water unit of Pangilinan Group, has executed a share purchase agreement to secure 49 percent of Tuan Loc Water Resources Investment Joint Stock Co.
In a recent disclosure to the Philippine Stock Exchange, MetroPac said that it paid P1.988 billion for the transaction, which is still subject to cetrain conditions. The parties have until end of June to complete the deal.
MPIC expects the acquisition would further expand its water business in Vietnam.
To recall, the company just acquired a 45 percent stake in BOO Phu Ninh Water Treatment Plant Joint Stock Company (PNW) for P615 million last November.
Meanwhile, Tuan Loc is one of the biggest water concessionaires in Vietnam with an operating capacity of 310 million liters per day and a billed volume of 87 MLD as of 2017, supplying most of the industrial parks in its area.
MPIC has been eyeing water ventures althoughout Southeast Asia, with the expertise of its Philippine unit Maynilad Water Services Inc.
The conglomare currently has operations in Thailand, Vietnam and Indonesia – with services ranging from water concessionaires to tollways.