MANILA, Philippines — The Razon group’s Prime Metroline Holdings Inc. has signed with the Ayala group’s Manila Water Co. Inc. a subscription agreement for the acquisition of a 25-percent stake in the latter.

The P10.7-billion deal covers 820 million common shares of Manila Water.

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“Our partnership with the Razon group will result in clear synergies to achieve Manila Water’s long-term goal of providing sustainable water and wastewater services to our customers in the East Zone of Metro Manila and in the other markets we serve,” Manila Water chair Fernando Zobel de Ayala said in a statement.

“Our partnership combines our respective technical and management expertise. Looking beyond our domestic businesses, the extensive global experience of Mr. Razon through his port operations opens more opportunities for Manila Water to serve new markets,” Zobel said.

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