Metro Pacific Investments Corporation (MPIC) is exploring the possible acquisition of PrimeWater Infrastructure Corporation, a water service firm owned by former Senate President Manny Villar.
MPIC Chairman Manny Pangilinan confirmed they have begun evaluating the feasibility of the purchase after both parties signed a non-disclosure agreement last month.
“They opened up the data room to us maybe two or three weeks ago. So we’re getting initial feedback on preliminary analysis on numbers they provided to us,” Pangilinan said during a briefing in Hong Kong.
“Nothing is finalized. We’re in the beginning of the process and it’s difficult to predict where it will eventually land.”
Pangilinan said it is too early to determine whether MPIC will buy the entire company or only select assets.
“I think they have about 70-80 properties all over the Philippines. Some are small, some are big. We don’t know the approach yet whether to bid for only certain properties that are large enough to give us profitability or whether they will insist that we acquire the entire thing,” he added.
PrimeWater, which operates joint ventures with multiple water districts nationwide, has faced widespread complaints over poor service.
President Ferdinand “Bongbong” Marcos Jr. earlier ordered an investigation into underperforming water firms during his 2024 State of the Nation Address.
MPIC currently owns or controls Maynilad and Metro Pacific Water, which provide water services in Metro Manila and various provinces.