Latest news with #Philippinegovernment
Zawya
17-03-2025
- Business
- Zawya
Maynilad Water seeks to raise up to $858mln in Philippines IPO
Hong Kong's First Pacific said on Monday its Philippine affiliate, Maynilad Water Services, aims to raise up to 49.15 billion pesos ($857.75 million) through an initial public offering. Under the terms of the deal, Maynilad is offering up to 2.46 billion shares, with an expected offer price of up to 20 pesos each. The total number of shares being offered represented 30.45% of the company's total outstanding shares. If approved, First Pacific said the listing would take place on July 10, with the offer period running from June 25 to July 2. The company has enlisted banks, including Morgan Stanley and UBS, to assist with a more than $500 million initial public offering in the Philippines, Reuters reported in January. In December 2021, the Philippine government granted Maynilad a 25-year franchise to establish, operate and maintain a waterworks system, as well as sewerage and sanitation services in the west zone service area of Metro Manila and the province of Cavite, according to its website. Maynilad is the largest private water concessionaire in the Philippines in terms of customer base. The planned listing adds to a growing pipeline of IPOs in the Philippines, where IPO proceeds surged sharply to $234.1 million last year, from $72.9 million in 2023, according to data compiled by LSEG. Maynilad is managed by Maynilad Water Holdings Company, a joint venture between infrastructure conglomerate Metro Pacific Investments Corp, construction-to-nickel mining group DMCI Holdings and Japanese trading company Marubeni Corp . ($1 = 57.3010 Philippine pesos) (Reporting by Rishav Chatterjee in Bengaluru; Editing by Sherry Jacob-Phillips)
Khaleej Times
25-02-2025
- Khaleej Times
Home after 32 years: 70-year-old UAE expat to fly back to Philippines on Thursday
In December, Ernesto Arnel Tawat and his family posed for the Khaleej Times camera at their Sharjah accommodation with uncertainty in their eyes. Stranded in the UAE for over three decades due to an unpaid blood money debt, the 70-year-old Filipino expat wasn't sure if he would ever return home. Today, with flight tickets in hand and a long journey ahead, Ernesto and his wife, Teresa, are finally heading back to the Philippines. As if fate had scripted the moment, Ernesto's T-shirt bore the word 'homecoming' across it. 'It wasn't planned,' Ernesto said with a chuckle about his T-shirt. 'Just a coincidence, but maybe a sign, too. I waited 32 years for this, and now, it's really happening.' Their flight will depart at 8pm this Thursday. After Khaleej Times highlighted his plight in December, generous residents stepped in, and the Philippine government — through the Department of Migrant Workers (DMW) — ensured that all his outstanding costs, including travel and medical expenses, were covered. DMW Secretary Hans Leo Cacdac personally assured the family of full support during a meeting in Dubai last fortnight. With just two days to go, the couple has completed their immigration formalities, other paperwork and health checks. 'Every step felt unreal," said Teresa. "For years, we were stuck. Now, everything is happening so fast.' The past few days have been overwhelming in more ways than one. 'While we were going to the Ajman court to get my parents' out pass, Dad was crying, looking at the development of the UAE while we were in the van, accompanied by the consulate staff,' Tina recalled. 'He has never seen the progress because he was always fearful to be out. He spent years indoors or only went to places within walking distance.' Excitement fills the air, but so does nervousness. 'I've spent a huge part of my life in the UAE,' Ernesto admitted. 'I have no idea how much things have changed back home. I heard it's become more crowded.' For Tina, the moment is bittersweet. 'I will miss my parents terribly, but this is what we have been waiting for all our lives. The uncertainty, the struggles — everything we went through has led to this moment.' She also credited the outpouring of kindness from the community. 'The church stood by us. Friends, strangers — even people we never met reached out to help. We are beyond grateful.' Teresa, overwhelmed with emotion, held up their tickets. 'This is a new beginning. We can finally go back, not as helpless, but with dignity.' One thing brings her comfort — her family. 'My brother will come to the airport to receive us. After all these years, we won't be alone when we land,' she said. As the day draws near, Ernesto admits that he still finds it hard to believe. 'I thought I would die here, without ever seeing my homeland again,' he said. 'Now, in just two days, I'll be home.' The Tawats expressed their heartfelt thanks to Khaleej Times, the Philippine Consulate, and every reader who contributed to their return. 'Your support gave us a future,' said Teresa, holding back tears.
