9. Former name or former address, if changed since last report
-
10. Securities registered pursuant to Sections 8 and 12 of the SRC or Sections 4 and 8 of the RSA
Title of Each Class
Number of Shares of Common Stock Outstanding and Amount of Debt Outstanding
Common
2,064,839,617
11. Indicate the item numbers reported herein
Please refer to attached letter addressed to the PSE and SEC
The Exchange does not warrant and holds no responsibility for the veracity of the facts and representations contained in all corporate disclosures, including financial reports. All data contained herein are prepared and submitted by the disclosing party to the Exchange, and are disseminated solely for purposes of information. Any questions on the data contained herein should be addressed directly to the Corporate Information Officer of the disclosing party.
Manila Water Company, Inc.MWC
PSE Disclosure Form 4-13 - Clarification of News Reports References: SRC Rule 17 (SEC Form 17-C) and Section 4.4 of the Revised Disclosure Rules
Subject of the Disclosure
Clarification of News Article
Source
Inquirer.Net
Subject of News Report
Water firms waiving P10.8-billion award
Date of Publication
Dec 11, 2019
Clarification of News Report
We reply to your request for comments and/or clarification on the news article entitled “Water firms waiving P10.8-billion award” posted in Inquirer.net on December 11, 2019. The news article reported in part that:
“Manila Water and Maynilad are no longer seeking payment from the government of the amount awarded to them by an international court. They are also willing to renegotiate their contracts and to defer higher rates scheduled for Jan. 1.
Facing threats of imprisonment, charges of economic sabotage and even expropriation from President Duterte, officials of the country’s two biggest water concessionaires have finally backed down.
On Tuesday, they said they would no longer seek to collect from the government close to P11 billion that an international arbitration court had awarded to them for foregone revenue from higher rates that they were unable to implement.
Manila Water and Maynilad executives also said at a hearing in the House of Representatives that they were open to renegotiating the supposed ‘onerous’ provisions of their water concession agreements with the government to distribute water in Metro Manila and Cavite and Rizal provinces.
Reading from separate statements, Manila Water president Jose Rene Almendras and Maynilad president Ramoncito Fernandez said they were ready to cooperate with the government in striking a new deal, without the ‘onerous’ provisions.
. . . .”
Manila Water Company, Inc. (“Manila Water” or “Company”) confirms that during the meeting of the Committee on Good Government and Public Accountability and the Committee on Public Accounts of the House of Representatives held on 11 December 2019, where the representatives of Manila Water were in attendance, the Company’s President and Chief Executive Officer, Mr. Jose Rene Gregory D. Almendras, made the following pronouncements in deference to President Rodrigo Roa Duterte:
1. The Company will not collect the ¿7.39 Billion Award rendered by the Arbitral Tribunal in the arbitration proceedings between the Company and the Republic of the Philippines constituted under the Permanent Court of Arbitration.
2. The Company will defer the implementation of the Approved Rate Adjustment effective 1 January 2020 and has signified its intention to establish a suitable arrangement with the Metropolitan Waterworks and Sewerage System (MWSS).
3. The Company has agreed to and started discussions with the MWSS on the provisions of the Concession Agreement identified for renegotiation and amendment.
We trust that the foregoing explanation satisfies your request for clarification.
Manila Water Company, Inc.MWC