MANILA, Philippines - Manila Water subsidiary Laguna AAA Water Corp. (LAWC) has taken over as the exclusive water service provider of Laguna Technopark, its parent firm disclosed yesterday.
In a regulatory filing, Ayala-led Manila Water said its subsidiary assumed the water service provision in the industrial park beginning Jan. 1.
LAWC will provide the water needs of more than 220 local and global industries engaged in semiconductors and electronics, automotive, home appliances and pharmaceuticals.
LAWC signed last Dec. 27, 2013 an asset purchase agreement with Laguna Technopark Inc. for the acquisition of the water reticulation and sewerage system of the technopark, including all assets and rights used in water service provision, for P625 million.
The asset acquisition also includes areas to be covered by the expansion of Laguna Technopark in the future.
“Through the transaction, the Manila Water Group of Companies will become the exclusive water service provider of the biggest and largest international manufacturers in the Asian region,†Manila Water said in the disclosure.
Laguna Technopark, a joint venture between Ayala Land Inc. and Mitsubishi Corp., was established in 1989 in response to the government’s call for private sector participation in countryside development.
The industrial estate straddles the towns of Sta. Rosa and Binan in Laguna, occupying 450 hectares. The special economic zone hosts light to medium scale locator companies.