The Ayala-led Manila Water Co. Inc. will invest P742 million in two wholly owned subsidiaries in a bid to further improve its services and meet working capital needs.
In a disclosure to the Philippine Stock Exchange, Manila Water said its Board approved the additional capital infusion of P492 million to Manila Water Total Solutions Corp.
“The investment shall be effected at such time and frequency as may be necessary for the full commercialization of the after-the-meter products and services of Total Solutions,” it said.
The company said the Board likewise approved an investment of P250 million in Manila Water Philippine Ventures Inc. to fund additional working capital needs.
It said the amount shall be used to fund the operations of Philippine Ventures which is the vehicle intended by the company to hold its investments in its domestic operating subsidiaries.