Manila Water borrows $110 million for refinancing

MANILA, Philippines — The holding company of Razon-led Manila Water Co. Inc. for its international ventures secured a $110 million three-year loan from two Singapore-based banks to refinance its existing debt.

In a disclosure to the Philippine Stock Exchange, Manila Water said its wholly owned subsidiary Manila Water Asia Pacific Pte. Ltd. (MWAP) has signed the loan facility deal with Mizuho Bank - Singapore Branch and ING N.V. Singapore.

“The proceeds of the loan will be used to refinance existing debt,” Manila Water said.

The companies under MWAP are Manila Water South Asia Holdings Pte. Ltd., Thu Duc Water Holdings Pte. Ltd., Kenh Dong Water Holdings Pte. Ltd., Manila Water (Thailand) Co. and Manila South East Asia Water Holdings Pte. Ltd.

Manila Water has presence in Vietnam, Thailand, Indonesia and the Kingdom of Saudi Arabia through its subsidiaries and associates.

Manila Water’s foreign subsidiaries posted total liabilities of P8.92 billion in 2023, about 2.8 percent higher than the P8.67 billion recorded in 2022, based on the group’s financial documents.

MWAP posted a net loss of P3.63 billion at the end of 2023, a reversal from the P847.82 million net income it registered in 2022.