Through a share purchase agreement signed on 19 April 2024, Manila Water Philippine Ventures acquired 70% of shares in Equipacific HoldCo Inc., which holds 90% of the outstanding shares of Laguna Water District Aquatech Resources Corporation (LARC).
After the acquisition, the transition period started on 21 April 2024 and will last for three (3) months. During this period, the old management of LARC will still oversee the operations of the Company, and towards the end of the transition period, a new management team from MWPV will be appointed and will take over LARC.
MWPV is aware of the issues raised to LARC and is currently in the process of evaluating the extent and gravity of these concerns. This will allow us to formulate a Service Improvement Plan that will permanently resolve these challenges. For now, we are looking at solutions that will temporarily address these concerns over the next 3-6 months. We will present these plans to key stakeholders and customers once ready.
To all LARC customers, we humbly ask for your patience as we navigate our way in the transition period and address issues raised to improve the water supply in LARC’s service areas.
We are one with the government in the commitment to ensure that everybody has access to reliable and potable water.
Thank you.