Ayala led-Manila Water Co. Inc. said that it would no longer acquire French firm Suez Environnement’s majority stake in Jakarta’s PT PAM Lyonnaise Jaya’s (Palyja) after failing to get the approval from the Indonesian state-run water company.
In a disclosure to the Philippine Stock Exchange, Manila Water said that Suez’s Indonesian partner Perusahaan Daerah Air Minum Daerah Khusus Ibukota Jakarta (PAM Jaya) refused to give its consent to the sale of the French firm’s controlling stake in Palyja.
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