Manila Water secured a loan of $110M for refinancing
The holding company overseeing Manila Water Co. Inc.’s international ventures, led by Razon, has successfully secured a $110 million three-year loan from two Singapore-based banks. This loan, obtained by Manila Water’s wholly owned subsidiary Manila Water Asia Pacific Pte. Ltd. (MWAP), with Mizuho Bank – Singapore Branch and ING N.V. Singapore, will be utilized to refinance existing debt, as outlined in a disclosure to the Philippine Stock Exchange.
MWAP encompasses several companies including Manila Water South Asia Holdings Pte. Ltd., Thu Duc Water Holdings Pte. Ltd., Kenh Dong Water Holdings Pte. Ltd., Manila Water (Thailand) Co., and Manila South East Asia Water Holdings Pte. Ltd. Through these subsidiaries, Manila Water extends its presence in countries such as Vietnam, Thailand, Indonesia, and the Kingdom of Saudi Arabia.
The foreign subsidiaries of Manila Water reported total liabilities of P8.92 billion in 2023, a slight increase of 2.8 percent compared to the previous year’s P8.67 billion, based on the group’s financial documents. However, MWAP recorded a net loss of P3.63 billion by the end of 2023, a significant shift from the P847.82 million net income registered in 2022.
Business News: Manila Water secured a loan of $110M for refinancing
