Manila Water gets nod to issue more shares

LISTED Manila Water Co. Inc. has secured approval to issue nearly a billion common shares to investors, a move that analysts see as raising questions about the troubled firm’s future.

In a disclosure on Friday, the Ayala-led water utility said its board of directors approved certain amendments to the seventh article of its articles of incorporation. One of these was raising the company’s authorized capital stock to P4.4 billion from P3.5 billion, which translates to an additional 900 million common shares.