Manila Water board promises continuity after new owner Razon leads management shake-up

摘要

Manila Water has insisted the company's operations will pursue a "business as usual" path after the company's new owner, presidential ally Enrique Razon Jr., made significant changes to the Manila East Zone concessionaire's management team. Razon now controls the majority of the company's voting rights after a subscription agreement closed in early June. The development came soon after confirmation was received that the company's East Zone concession contract would be renewed - in which the involvement of Razon is understood to have played a role (see GWI weekly briefing, 8th April). The concession accounts for four-fifths of the company's revenue base.