Manila Water to acquire stake in Saigon Water Infrastructure

Manila Water South Asia will acquire 31.47% of Saigon Water Infrastructure’s (SII) outstanding capital stock to expand its presence in Vietnam.

SII plans to develop the Sagion Pleiku water plant project in Gia Lai province to have a daily treatment capacity of 30,000m³.

By constructing water and wastewater treatment plants and providing engineering, operation and management services, SII plans to become the first fully integrated company in the water and wastewater infrastructure sector of Vietnam.

Manila Water registered an 11% rise in net income to PHP2.9bn ($66m) from PHP2.63bn ($60m) a year ago, owing to lower operating expenses and a higher billed volume.

For the first half of the year, the company’s revenues increased by 6% to PHP7.63bn ($174m) from PHP7.19bn ($164m) a year ago.

In 2013, Manila Water’s operating expenses declined by 2% to PHP2.097bn ($48m) compared to PHP2.135bn ($49m) in 2012.

Total billed volume for the company in the first six months of the year increased 2% to 287 million cubic metres (mcm) against 281.4mcm in the same period of 2012.