Jan. 2 (Bloomberg) -- A unit of Manila Water Co., the biggest listed Philippine water utility, agreed to acquire the water system of a technological park for 625 million pesos ($14.1 million).
Laguna AAAWater Corp. signed an accord for the water reticulation and sewerage system of Laguna Technopark Inc., located in Laguna province southeast of Manila, the utility said in a statement dated Dec. 27 and posted on the stock exchange website today.
The technology park is home to semiconductor, automotive, appliance and pharmaceutical companies, and is part owned by Ayala Land Inc., an affiliate company of Manila Water. Ayala Land and Manila Water are both units of Ayala Corp.
Manila Water shares rose 2.5 percent to 22.55 pesos at 1:44 p.m. in Manila trading, while Ayala Land added 3 percent to 25.50 pesos. The Philippine Stock Exchange Index advanced 1.3 percent.
--With assistance from Karl Lester M. Yap and Clarissa Batino in Manila. Editors: Madelene Pearson, Abhay Singh