Razon gets voting rights in Manila Water

TYCOON Enrique Razon Jr. obtained majority voting rights in Manila Water Co. Inc. after the water company clinched a P10.7-billion deal with the ports magnate, its parent firm Ayala Corp. said on Thursday.

In a disclosure, the conglomerate said that as part of the shareholder agreement to be executed among Ayala Corp., Ayala subsidiary Philwater Holdings Co. and Trident Water, its executive committee “approved the grant of proxy rights by Philwater to Trident Water over such number of preferred shares to enable the latter to achieve 51-percent voting interest in Manila Water.”