Ayala Corp sells part of stake in Manila Water

MANILA -- Ayala Corporation (AC) on Wednesday said it is selling part of its investments in Manila Water Company for P5.7 billion.

AC told the Philippine Stock Exchange that the company and it subsidiary Philwater Holdings Company, Inc. will sell 288,998,734 common shares and 436,243,932 participating preferred shares in a buyback transaction.

After the deal, AC will retain 23.5 percent voting stake and 22.5 percent economic stake in the water concessionaire.

Ayala Corporation's core net income in the first half of 2023 climbed 55 percent to P20.5 billion.

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