Razon’s Prime Metroline Holdings Inc will pay 10.7 billion pesos for 820 million shares at 13 pesos each, Manila Water said in a stock exchange disclosure on Monday .
Manila Water shares closed 4.9% higher on Monday. Shares jumped as much as 20%, its largest intraday increase on record, when trading resumed at 10am after a voluntary suspension on Friday. Ayala Corp will stay on as top shareholder with a 38.6% stake in Manila Water, which on Friday also approved an increase in authorized capital to pave the way for Razon’s investment.
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