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|Metro Pacific Investments Corporation spent $38 million on the deal|
Accordingly, MPIC, through its subsidiary MetroPac Water Investments Corporation (MPW), signed the purchase agreement to buy 49 per cent stake in Tuan Loc, one of the largest water supply systems builders in the country. The deal is valued at $38 million.
The deal is subject to the satisfaction of customary closing conditions. The transaction is expected to be completed on June 30.
|The buy-in deal allows the Metro Pacific group to expand into Vietnamese industrial water concessions.|
Established in 2005, Tuan Loc specialises in infrastructure construction, including bridges, roads, and seaports. It joined in numerous projects, including the Trung Luong-My Thuan highway, Pleiku water plant, Tuan Loc Industrial Park, as well as the Cao Lanh and Co Chien bridges.
It has been installing water supply systems in numerous large-scale projects across the nation. It currently has a charter capital of VND1.6 trillion ($70.24 million).
Recently, Tuan Loc, in collaboration with two other domestic investors, was assigned to develop Thu Thiem 3 Bridge, located in District 4, under the build-transfer (BT) format.
The biggest project of Tuan Loc is Song Lam Raw Water Treatment Plant, a 50-year build-own-operate project (2015-2064) with an installed capacity of 200 million litres per day (MLD) expandable to 300 MLD. This plant supplies raw water to Nghe An Water Supply JSC and surrounding industrial parks.
In the Philippines, where it operates four subsidiaries, MPW is the leading investor for all water and wastewater infrastructure projects.