THE Consunji-led DMCI Holdings Inc. (DMCI) will emerge as the single biggest shareholder of DMCI-MPIC Water Co. Inc. once a change in ownership structure is completed before the end of the year.

DMCI-MPIC Water Co., a consortium DMCI formed with Metro Pacific Investments Corp. (MPIC), bidded and won the contract to privatize Maynilad Water Services Inc. (Maynilad), the concession in charged of water delivery in Manila’s western area.

At the sidelines of the company’s annual stockholders’ meeting Wednesday, vice president and chief finance officer Herbert M. Consunji said the plan is to make Maynilad a 100-percent owned unit of DMCI-MPIC Water Co.

Under the current set-up, Maynilad is 42-percent owned by DMCI and 42 percent by MPIC. The balance of 16 percent is owned by French company Ondeo. There were reports that Ondeo has sold its stake to Deutsche Bank/Noonday Group but a final announcement has yet to be made.

Assuming that Deutsche Bank/Noonday has indeed bought the Ondeo stake, Consunji said they will be negotiating with the former to swap its 16-percent stake in Maynilad for a stake in DMCI-MPIC Water Co.

However, the stake of Deutsche Bank/Noonday in DMCI-MPIC Water will be diluted to 7.2 percent to accommodate the equity infusion of Hong Kong’s First Pacific and Ashmore Investment Management Ltd. worth $40-million. The $40- million investment, to be used for Maynilad’s capital expenditure requirements, will earn First Pacific and Ashmore a 20.6-percent equity in DMCI-MPIC Water Co.

MPIC, on the other hand, is seen to control a 31-percent stake in the company once the ownership change is complete.

Maynilad holds a 25-year exclusive concession, granted by Metropolitan Water Sewerage System (MWSS), to provide water and sewerage services in the West zone of Metro Manila.

It covers nine cities and three municipalities in Metro Manila, and one city and five municipalities in Cavite. The company currently supplies 2,100 million liters per day to about 6 million people in its concession area.

Consunji said the consortium will spend P10 billion in the next two years to improve the system and services of Maynilad.

THE Consunji-led DMCI Holdings Inc. (DMCI) will emerge as the single biggest shareholder of DMCI-MPIC Water Co. Inc. once a change in ownership structure is completed before the end of the year.

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