HOME > INQUIRER > Article

Text Size

small

medium

large


MVP awaits big buyers, steady market for Maynilad IPO

MVP awaits big buyers, steady market for Maynilad IPO

Provided by Philippine Daily Inquirer.

PLDT profit down 8% in Q1 as expenses grow at faster pace than revenues
Manuel V. Pangilinan is taking his time listing the shares of Maynilad Water Services Inc.


MANILA, Philippines — Billionaire Manuel V. Pangilinan is waiting for the local stock market to stabilize after seeing some volatility due to the Middle Eastern conflict before proceeding with the P37.41-billion initial public offering (IPO) of his water business.

This, apart from responding to requests from cornerstone investors.

READ: Maynilad delays IPO on investors’ request

Pangilinan said in an interview last week the tension between Israel and Iran would still “take time” before it finally settles down.

This put pressure on the global markets, including the Philippine Stock Exchange. Traders had offloaded their shares to shield their portfolio.

“Maybe we should just pause ... and wait for the significant cornerstone investors,” he said.

“They signified a significant amount of money to be invested. That’s why it was prudent to delay and wait for them,” he added.

Maynilad Water Services Inc. was initially set to make its market debut in July. But the company recently decided to push this later to October.

Maynilad said some of its investors requested more time to complete their bid for the IPO.

The Securities and Exchange Commission approved the exercise earlier this month. Transaction involves selling of 1.93 billion primary shares and 354.7 million secondary shares offered for up to P20 each.

Proceeds will fund the company’s capital expenditures and other general corporate matters.

Maynilad holds a concession from the Metropolitan Waterworks and Sewerage System.

It is required to offer at least 30 percent of its shares to the public on or before January 2027.

The government recently approved the 10-year extension of Maynilad’s contract to operate until Jan. 21, 2047.

INQUIRER

HEADLINES

POLITICS
Trump, Netanyahu to Hold Talks at White House Sat.
ECONOMY
Average Price of Rice Sold at Supermarkets in Japan Falls for 5th Straight Week
SPORTS
Men's Golf: Japan's Hideki Matsuyama Rises to 11th from 12th in Global Rankings
OTHER
"Cassiopeia" Sleeper Train in Japan Ends Service Due to Aging of Its Cars

AFP-JIJI PRESS NEWS JOURNAL


Photos