Fernando and Jaime Augusto Zobel de Ayala, along with other officials, have turned over the reins of Manila Water to Enrique Razon who was made director, chairman of the board, chief executive officer, and chairman and member of the executive committee of Manila Water.
IT'S now official: Enrique Razon has stepped in to take over water concessionaire Manila Water from the Ayala family, a year after the deal was announced.
In a disclosure to the Philippine Stock Exchange last Friday (June 4), Fernando and Jaime Augusto Zobel de Ayala, along with other officials, have turned over the reins of Manila Water to Razon who was made director, chairman of the board, chief executive officer, and chairman and member of the executive committee of Manila Water.
This, after the company completed its subscription agreement with Enrique Razon’s Prime Strategic Holdings.
The other new officers and board directors are as follows:
Donato Almeda - chief regulatory officer
Christian Gonzales - director
Rafael Consing - director
Eric Ramon Recto - operations committee member
Roberto Locsin - chief administrative officer
Melvin John Tan - chief operating officer for non-east zone and international businesses
Silverio Benny Tan - corporate secretary
Abelardo Basilio remains in Manila Water as chief operating officer for the east zone concession area.
Sherisa Nuesa, former executive committee member, remains in the company as a board member.
Former Manila Water executives are Jose Rene Almendras (president and CEO), Antonio Aquino (executive committee member), Gerardo Albaza Jr. (director), John Eric Francia (director), Virgilio Rivera (COO for new business operations), and Solomon Hermosura (corporate secretary).
Fernando Zobel de Ayala will remain on the board as director, while Rene Almendras will stay on as a “non-executive” director.
Ayala Corporation, together with its wholly-owned subsidiaries, Philwater Holdings Company and AC Energy and Infrastructure Corporation, and Razon’s Trident Water Company Holdings, executed a shareholders’ agreement for Razon’s subscription of Manila Water’s common shares worth at least P10.7 billion.
As a result of the agreement, Razon’s company now holds a majority voting stake in Manila water with 51 percent.
Ayala retains some economic control with 38.6 percent of economic control in contrast to Trident’s 25 percent.
Manila Water provides water to about six million residents in eastern Metro Manila and parts of Rizal province. (ONT)
Tags: #ManilaWater, #turnover, #JaimeZobeldeAyala, #EnriqueRazon