Manila water firm signs Jakarta deal
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Manila Water Company, a unit of the Ayala group, will further expand its presence in Asia, starting with its acquisition of a majority stake in Jakarta's water supply concessionaire.
In a disclosure to the Philippine Stock Exchange, Manila Water said it had signed a purchase agreement with Indonesia’s Suez Environment to acquire the latter’s 51-per-cent equity in PT PAM Lyonnaise Jaya (Palyja).
Palyja has been operating the water supply concession contract of Western Jakarta since 1997 under a 25-year deal with the governmentowned PAM Jaya.
