Enrique Razon Takes Over Manila Water As Philippine Tycoon Steps Up Infrastructure Bets

  • Date: 07-Jun-2021
  • Source: Forbes
  • Sector:Economy
  • Country:Middle East
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Enrique Razon Takes Over Manila Water As Philippine Tycoon Steps Up Infrastructure Bets

Enrique Razon speaks during a Bloomberg Television interview at the Milken Institute Global ... [+] Conference in Beverly Hills, California, U. S., on April 30, 2018. Billionaire Enrique Razon Jr. has taken control of Manila Water from Ayala Corp.“”the Philippines' oldest conglomerate“”as the ports and gaming tycoon expands his investments in infrastructure projects. Razon was appointed chairman, president and CEO of Manila Water on June 3 after Trident Water, a subsidiary of Razon's Prime Strategic Holdings, completed its initial investment of 10. 7 billion pesos ($224. 4 million) in the water utility company, Manila Water said Friday in a filing to the Philippine Stock Exchange. Following the completion of its investment, Trident will have a 51% voting interest in Manila Water, while Ayala Corp. will retain a 31. 6% voting interest, according to the filing. Fernando Zobel de Ayala and his older brother Jaime Augusto Zobel de Ayala stepped down as Manila Water's chairman and vice chairman, respectively. Trident signed an initial agreement in February 2020 to buy 820 million common Manila Water shares for 13 pesos each. A year later, the company agreed to buy an additional 2. 7 billion preferred shares in Manila Water from Ayala Corp.'s Philwater