ABOITIZ Equity Ventures Inc. (AEV), through its joint venture firm Apo Agua Infrastructura Inc., has secured a bulk water deal in Davao to supply treated water to households in the area.
In a disclosure, the company said Apo Agua has signed a contractual joint venture agreement and a bulk water purchase agreement with the Davao City Water District (DCWD) to provide bulk water in the vicinity.
Under the deal, Apo Agua committed to supply treated bulk water of up to 300 million liters per day to DCWD. “The agreements are subject to conditions precedent that need to be satisfied,” AEV said.
“The project is intended to provide a reliable supply of potable water for the growing needs of Davao City,” AEV said.
Apo Agua is the joint venture company formed by AEV and J.V. Angeles Construction Corp. for the Tamugan Surface Water Development Project.
Last year, AEV reported a net income of P18.4 billion, down 13 percent from P21 billion in 2013, as its power and banking segments, which contribute the bulk of its revenues, reported lower incomes.
Incorporated in 1989, AEV is the holding company of the Aboitiz Group of Companies, which is engaged in power distribution, power generation and retail electricity supply (AboitizPower); financial services and portfolio investments (UnionBank); food manufacturing (Pilmico Foods); and real estate (AboitizLand).