MANILA, Oct. 8 (PNA) — The Manila Water Company Inc. will invest P35 million to its wholly-owned subsidiary.
In a disclosure to the Philippine Stock Exchange, Manila Water said its Board approved decision on equity infusion into Manila Water Philippine Ventures Inc. which shall be further invested in its wholly-owned subsidiary, Manila Water Total Solutions Corp.
“The additional equity infusion is intended to provide additional working capital for Total Solutions,” it said.
Meanwhile, Manila Water said its Board also gave the nod to the opening of a US$ 60-million Standby Letter of Credit (SBLC) with Bank of Tokyo-Mitsubishi UFJ, Ltd.
“(The SBLC is) in relation to the performance bond required under the company’s concession agreement to be posted in favour of the Metropolitan Waterworks and Sewerage System (MWSS), for the period covering January 1, 2015 up to December 31, 2016,” it said. (PNA)