Philippines based conglomerate Metro Pacific Investments (MPIC) is all set to buy 45% stake in a water company in Vietnam. The deal comprises of acquiring 45% of the outstanding capital stock of BOO Phu Ninh Water Treatment Plan. BOO Phu Ninh Water Treatment Plan holds the license to distribute water in Chu Lai Open Economic Zone as well as round the central province of Quang Nam according to a filing in the Philippine Stock Exchange.
Valued at 272.4 billion Vietnamese dong ($12 million), the deal is subject to price adjustment through an escrow mechanism depending on the fulfillment of certain conditions.
A Philippine affiliate of Indonesia’s Salim Group, Metro Pacific runs water, road and power utilities in the Philippines and is seeking to expand to Southeast Asia. Metro Pacific has also invested in toll ways in Vietnam and is one of the Southeast Asia’s biggest private toll road operators.
About Metro Pacific
Founded in 1986, Metro Pacific Investment Corporation is an investment holding company that develops infrastructure assets through its investment primarily in water, toll roads, power generation and distribution, healthcare services and also light rail and logistics in Philippines. Headquartered in Philippines, Metro Pacific Investment Corporation is a subsidiary of Metro Pacific Holdings, Inc.
About Tuan Loc
Headquartered in Ho Chi Minh City, Vietnam and founded in 2005, Tuan Loc is a construction investment company that constructs bridges, roads, and water supply systems.