Listed Filinvest Development Corp. made its foray to water business after inking a joint venture agreement with a Singaporean water solutions provider.
In a disclosure on Thursday, Filinvest announced it entered into an agreement with Hitachi Aqua-Tech Engineering Pte. Ltd. to create joint venture involved in “owning, constructing, operating, managing, maintaining, or rehabilitating waterworks, sewerage and sanitation systems.”
The deal also covers the supply, distribution and selling of potable water for domestic, commercial and industrial use in the country.
Hitachi Aqua-Tech is a water solutions firm engaged in engineering pools, fountains, water theme parks, irrigation systems and other water features.
It also offers engineering, procurement, construction and maintenance service to resorts, hotels, residences and commercial outlets, among others.
As of end-June, Filinvest saw its consolidated net income rose 16 percent to P8 billion from P6.9 billion for the same period last year on the
back of its core businesses.
Consolidated revenues for the period registered at P37.23 billion, which is 14 percent higher from P32.72 billion last year.
This month, the North Luzon Airport Consortium — which Filinvest is part of, along with JG Summit Holdings Inc., Philipine Airport Ground Support Solutions Inc. and Changi Airports Philippines Pte. Ltd. — officially took over the operations and management of Clark International Airport.
The Gotianun-led conglomerate also started investing in the Clark corridor, including the 201-hectare (ha) Filinvest Mimosa Plus Leisure City and 288-ha development in New Clark City.
Filinvest shares were down 20 centavos or 1.45 percent to end at P13.60 apiece on Thursday.