Ayala Corp. announced on Friday the sale of its remaining 1.4 billion Manila Water Co. Inc. shares to Trident Water Co. Holdings, Inc. owned by port and gaming tycoon Enrique Razon Jr.

A disclosure to the Philippine Stock Exchange showed that Ayala Corp. and its wholly-owned subsidiary, Michigan Holdings, Inc. sold a total 577,997,467 common shares to Trident.

Another subsidiary of Ayala Corp., the Philwater Holdings Co., Inc. also sold preferred shares of 872,487,863.

The shares of Ayala Corp. for Michigan and Philwater were sold to Trident for P14.5 billion.

However, it noted that "Ayala will retain an effective 12.08 percent economic stake through the preferred shares which will be paid on an installment basis."

"Once the preferred shares have been fully paid for in 2029, Ayala’s economic stake in the Manila Water Co. Inc. will drop to zero," it stated.

According to the disclosure "the Manila Water Co. Inc. provides water treatment, water distribution, sewerage, and sanitation services to more than seven million people in the eastern side of Metro Manila."

The East Zone encompasses 24 cities and municipalities spanning a 1,400 square-kilometer area including key cities, towns, and municipalities in Metro Manila, it added. Robina Asido/DMS