The Hanoitimes - Manila Water Company will launch new projects in Vietnam, said its leader.
Vietnam will witness new bulk water projects of Manila Water Co. (MWC) flourish in the country as the firm looks to expand its foothold in Southeat Asia, reported Inquirer.
The Philippine online news-wire quoted MWC President Ferdinand dela Cruz as affirming that the company was looking at new bulk water projects outside Vietnam’s Ho Chi Minh City, in an interview last week.
The move is in line with MWC’s plan to expand its presence in Southeast Asia and increase its oversea business to make up for 10% of total business, according to Inquirer.
MWC’s offshore expansion gained ground in Ho Chi Minh and over the years, it became a leading foreign investor in Vietnam’s water space with over US$120 million so far invested in this market.
In 2017, the Philippines’s firm announced its stake hike in Saigon Water Infrastructure Corp (Saigon Water) from 24.5% to 37.99%, through its own subsidiary in Singapore.
Under a deal in June 2017, Manila Water’s wholly-owned subsidiary Manila Water South Asia Holdings Pte Ltd (MWASH) acquired of an additional 6.146 million primary shares of Saigon Water for VND104 billion (US$4.7 million).
Regarding the upcoming plan in Vietnam, Inquirer quoted MWC as saying: “What’s good with Vietnam is that they are very disciplined in publishing what’s available. What’s hard is screening but at least we have local partners, so we’re always on the lookout.”