Manila Water has signed a sale and purchase agreement to acquire Clark Water Corporation.
The Philippines-based company will purchase 100% of outstanding capital stock of Clark Water (CWC) and the receivables of Veolia Water Philippines and Philippine Water Holding Company from Bonifacio Water.
According to Manila Water, the acquisition of shares in CWC is not more than 10% of the firm's total book value.
CWC is a water concessionaire for the Clark Freeport Economic Zone in Pampanga, the Philippines, operating under a 25-year concession granted by Clark Development.
Currently, CWC serves 1,800 locations with about 20 million litres of water a day.
