Manila Water Co. Inc. outlined the salient points of a joint venture agreement between its consortium and the Obando Water District (OWD) for a project in Bulacan.
Manila Water told the local bourse on Tuesday that the agreement between Obando Water Concession Consortium Holdings Corp. (OWCHC), a consortium it created with subsidiary Manila Water Philippines Ventures Inc. and the OWD will handle the concession for the design, construction, rehabilitation, operation, maintenance, funding, expansion and management of water and sanitation services in Obando.
The joint venture company (JVC) between will have an outstanding capital stock of P98 million divided into 98 million common shares with a par value of P1 a share. The Obando Water Concession and the OWD will subscribe in cash and property to the authorized capital stock of the JVC.
A five-member board of directors will oversee the joint company, with OWCHC nominating four directors including the chairman of the board and the OWD naming one director.
OWCHC will own 90 percent or P88.2 million of the joint venture’s outstanding capital and OWD 10 percent or P9.8 million. Jordeene Lagare