MANILA - Ports magnate Enrique Razon is getting 51 percent voting rights in Manila Water, the water concessionaire's parent firm Ayala Corp said on Thursday.

Ayala disclosed to the stock market that as part of the shareholder agreement with its subsidiary Philwater Holdings Co. and Razon's Trident Water, the company "has approved the grant of proxy rights by Philwater to Trident Water over such number of preferred shares to enable the latter to achieve 51% voting interest in Manila Water."

Philwater owns 4 billion of preferred shares in Manila Water, representing 65.95 percent of voting shares in the water concessionaire.

Ayala said that with the grant of proxy rights to Trident Water, Ayala’s effective voting interest in Manila Water will drop to 31.6 percent.

On Monday, Ayala announced that Razon had acquired 25 percent of Manila Water, bringing P10.7 billion in fresh funding to the utility that has come under government scrutiny.

"The shareholders’ agreement will become effective after the closing of the subscription agreement, which will occur after certain conditions are met, including required lenders’ consent and regulatory approvals," Ayala said in the disclosure.