The group of billionaire Enrique K. Razon Jr. has taken over the board of listed East Zone concessionaire Manila Water Co. Inc. from the Ayala Group led by the Zobel de Ayala brothers following a series of transactions which started last year.
Razon will now become Manila Water’s director, chairman of the board, president and CEO and also chairman of the executive committee, replacing Fernando Zobel de Ayala, who was previously the company’s chairman, and Jose Rene Gregory D. Almendras, the company’s former president and CEO.
Jaime Augusto Zobel de Ayala, who was the company’s vice chairman and director, also resigned from his post along with Delfin L. Lazaro as director; Antonino T. Aquino as member of executive committee; Gerardo C. Ablaza Jr. as director and member of the audit and board risk oversight committee; John Eric T. Francia as director, vice chairman and member of the executive committee; Virgilio C. Rivera Jr. as COO for new business operations and Solomon M. Hermasura as corporate secretary. Sherisa P. Nuesa also ceased to become a member of the executive and operations committees but she will become the member of the corporate governance and talent and remuneration committees of the new board.
The Razon camp appointed Donato C. Almeda as director, chief regulatory officer and member of various committees; Christian Martin R. Gonzalez as director and member of the executive committee; Rafael D. Consing Jr. as director and member of the executive, operations and talent and renumeration committees; Eric Ramon O. Recto as member of the operations committee; Roberto R. Locsin as chief administrative officer; Melvin John M. Tan as COO for non-East Zone and international business and Silverio Benny J. Tan as corporate secretary.
Meanwhile, Abelardo P. Basilio, formerly the company’s COO for Manila Water operations, is now the company’s COO for East Zone.
In February 2020, the Razon Group through Prime Metroline Holdings Inc., now known as Prime Strategic Holdings Inc., acquired 820 million common shares in Manila Water for P13 apiece. The said shares represent about 11.91 percent of the company and 24.96 percent economic rights in the East Zone concessionaire.
The acquisition allowed the Razon Group’s Trident Water Co. Holdings Inc. to acquire the preferred shares owned by Ayala Group’s Philwater Holdings Co. Inc. to achieve 51 percent voting interest in Manila Water.