The Ayala-controlled firm told the Philippine Stock Exchange on Tuesday that it completed the full takeover of Clark Water Corp. through a share and purchase agreement with the latter’s  stockholders— Veolia Water Philippines Inc., Philippine Water Holdings Co. Inc. and Veolia Eau-Compagnie General Des Faux.

Clark Water holds a 25-year concession until 2025 to serve the Clark Freeport Zone granted by Clark Development Corp. It currently serves 1,800 locators with a billed volume of 20 million liters per day.

The customers Clark Water are primarily industrial and commercial accounts, comprising 83 percent of total water sales.

Manila Water closed flat at P19.20 each on Tuesday, giving it a market value of P38.61 billion.

The listed water concessionaire reported earlier that net income in the nine months through September rose 5 percent to P3.11 billion while core net income was up 13 percent to P3.33 billion.

Its revenues, 97 percent of which came from operations in Metro Manila’s east zone, rose 7 percent to P8.9 billion while operating expenses rose 4 percent to P2.33 billion. The company said billed water volume was slightly up by 0.6 percent to 313.6 million cubic meters.