Ayala Corporation has bared plans of ceding control over Manila Water to the group of businessman Enrique Razon, which will get 51 percent voting rights in the embattled utility firm.
Ports giant Enrique Razon will take a 51 percent voting interest in the embattled utility firm.in the water concessionaire includes the grant of proxy rights, which would effectively give the Razon group the biggest voting interest in Manila Water.
Ayala Corporation said its executive committee approved the grant of proxy rights by its unit, Philwater Holdings Company, to Trident Water for preferred shares in order to give Razon's firm the deciding vote."This arrangement aims to strategically rationalize the economic and voting stakes between Ayala and Trident Water as strategic partners in Manila Water," the firm said in a disclosure.
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