Manila Water to Work on Myanmar Project With Mitsubishi

Manila Water Co. (MWC), the Philippines'
largest publicly traded water utility, and Mitsubishi Corp. (8058) plan
to work on a project to cut water losses in Myanmar's capital.

The companies signed a memorandum of understanding with the
Yangon City Development Committee for a proposed "non-revenue
water-reduction project," Manila Water said today in a stock
exchange filing without disclosing terms.

"The proposed project is in line with the intention of
Manila Water to pursue projects outside the East Zone and other
selected markets in the Asian region," the company said.

Myanmar is attracting investment interest from foreign
companies as the nation reconnects with the global economy after
five decades of isolation during military rule.

Manila Water shares rose 1.3 percent to close at 23.90
pesos compared with a 0.1 percent gain in the Philippine Stock
Exchange Index.

Manila Water and a partner have qualified to bid for a
bulk-water supply project in Bandar Lampung, Indonesia, and
plans to expand in Vietnam. The utility last month reported 2013
net income rose 5 percent to 5.75 billion pesos ($129 million)
as customers bought more water.

To contact the reporter on this story:
Norman P. Aquino in Manila at
naquino1@bloomberg.net

To contact the editors responsible for this story:
Clarissa Batino at
cbatino@bloomberg.net
Madelene Pearson, Iain Wilson

http://www.information.myanmaronlinecentre.com/manila-water-to-work-on-myanmar-project-with-mitsubishi/