Manila Water Plans IPO In 1Q 2005 To Fund Expansion

Country like Philipine, the gap between have & have not is great..The Drinking Water contaminations is still serious, although efforts are done for the improvement, there is still need to be done more on the water education & knowledge for the people. I hope the IPO money raised would use for thesaid purpose on educations..

Manila Water Plans IPO In 1Q 2005 To Fund Expansion

MANILA (Dow Jones)--Manila Water Co. said Monday it plans to sell about two-thirds of its outstanding common shares via an initial public offering in the first quarter of 2005 to raise funds for network expansion and improvements.

The water utility - controlled by Philippine conglomerate Ayala Corp. (AC.PH) - plans to sell 595 million shares in the international market and 255 million shares in the local market, it said in statement filed with the Securities and Exchange Commission.

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The local offering price has been set at a minimum of PHP4.75 a share. The company didn't reveal the pricing for the overseas offering.

Proceeds from the offering will be used mainly to expand water service coverage and the development of new water sources.

BPI Capital Corp. and UBS Investment Bank have been appointed the underwriters for the offering.

The IPO is part of Manila Water's 25-year concession agreement with the Metropolitan Water Sewerage System. Based on information on its Web site, the IPO shares represent about 63% of Manila Water's 1.35 billion outstanding common shares as of end-2003.Read More...
Manila Water Plans IPO In 1Q 2005 To Fund Expansion