Maynilad concludes stabilization activity for equity offering
WEST ZONE water concessionaire Maynilad Water Services, Inc. has concluded its stabilization activities for its P34.3-billion equity offering, nearly a month after its debut on the Philippine Stock Exchange.
In a disclosure to the exchange on Wednesday, the company said UBS AG Singapore Branch, acting as stabilization agent, purchased a total of 144.29 million shares during the stabilization period covering Nov. 7 to Dec. 5.
The stabilization activity, undertaken in connection with Maynilad’s overallotment option, allows the agent to buy shares in the open market to limit excess volatility following a new share sale.
The shares purchased represent about 2% of Maynilad’s outstanding shares of 7.55 billion. The company said these purchases form part of temporary price-support operations and do not reflect a change in long-term owner-ship.
Since listing on Nov. 7, Maynilad shares have eased 0.61% to close at P16.20 on Wednesday.
Maynilad is the second and last company to list on the local bourse this year and the largest initial public offering since Monde Nissin Corp.’s P48.6-billion offering in 2021.
The company is an integrated provider of water and wastewater services for the West Zone, covering 11 cities in Metro Manila and parts of Cavite province.
Metro Pacific Investments Corp., which holds a majority stake in Maynilad, is one of three Philippine subsidiaries of First Pacific Co. Ltd., alongside Philex Mining Corp. and PLDT Inc.
Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., holds an interest in BusinessWorld through the Philippine Star Group, which it controls. — Sheldeen Joy Talavera
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