Manila Water Company Inc. (MWC) has divested its entire holding in a Thailand-based water company for P1.1 billion.
In a disclosure made on Friday, the Razon-led group announced that its subsidiary, Manila Water (Thailand) Co. Ltd., sold all its 311.44 million ordinary shares in Eastern Water Resources Development and Management Public Co. Ltd. to investor Bhavin Kunaderekwong.
These shares account for an 18.72-percent stake in East Water, a publicly listed enterprise engaged in water supply and distribution in Thailand.
This decision comes seven years after Manila Water initially invested in East Water, marking the Philippine company’s entry into the Thai market.
The primary business of the Thai utility group is raw water distribution, but it also manages tap water and waterworks operations.
Manila Water stated that withdrawing from the firm aligns with MWC’s core strategy, which focuses on operational control and creating long-term value.
“Selling this noncore asset allows MWC to redirect capital and management resources towards other strategic assets and initiatives,” the company added.
Manila Water caters to the East Zone service area in Metro Manila and nearby provinces, covering parts of Marikina, Pasig, Makati, Taguig, Pateros, Mandaluyong, San Juan, sections of Quezon City and Manila, and several towns in Rizal province.
Beyond this concession area, Manila Water operates through subsidiaries in Laguna, Clark, Boracay, and Estate Water.
In the first half of 2025, Manila Water reported a 15 percent increase in profit, driven by higher tariff rates.
The company previously reported that its net income rose to P7.95 billion from P6.91 billion, despite a decline in billed volume within its service area.
Revenues during this period also saw a 9-percent increase to P20 billion.