Manila Water Rises to 3-Month High on Project Bid Qualification

Feb 17, 2014 8:15 am ET

Feb. 17 (Bloomberg) -- Manila Water Co., which provides water to half of the Philippine capital, rose to a three-month high after the utility said it and a partner qualified to bid for a bulk water-supply project in Bandar Lampung, Indonesia.

Manila Water, the largest publicly traded water company in the Philippines, continues to explore other potential projects in Indonesia and plans to expand in Vietnam, it said today in a stock exchange filing. The utility didn’t name its partner in the Bandar Lampung bid.

The shares advanced 3.6 percent to 24.70 pesos in Manila, their highest close since Nov. 21 and the biggest gainer on the Philippines’ benchmark stock index, which added 0.9 percent. Manila Water has risen 12 percent this year.

Manila Water last year failed to win approval for its proposed purchase of a 51 percent stake in PT PAM Lyonnaise Jaya, which supplies water to western Jakarta.

--With assistance from Randall Hackley in London. Editors: Jason Rogers, Iain Wilson