The Metro Pacific Investments Corporation is planning to sell a 10 per cent stake in its water utility unit, Maynilad Water Services, Inc., to a Thailand-based water company. Metro Pacific is reportedly selling its stake for PhP 12 billion, reducing its shareholding in the water utility from 52.8 per cent to 42.8 per cent. The proceeds from the sale will be used by the company for implementing big-ticket infrastructure projects. According to industry sources, while the Thailand firm has completed the due diligence process for Maynilad, it is still in the process of securing the necessary approvals for the planned investment.
