DMCI Project Developers Inc. has sold its substantial interest in Subic Water and Sewerage Co. to the government of Olongapo City.
In a disclosure to the Philippine Stock Exchange Inc. on Monday, parent DMCI Holdings Inc. said, DMCI-Project has sold 915, 580 shares in Subic Water for P210.583 million.
The equity represents 10 percent of the outstanding capital stock of Subic Water, reducing DMCI Project’s shareholdings in the utility to 30 percent.
DMCI Project is the property arm of DMCI Holdings with various exposures in water, power generation, infrastructure, construction development, as well as coal and nickel mining.
Since it was established in 1999, DMCI Project has launched 56 mostly mid-rise and high-rise developments across Metro Manila.