NOT FOR PUBLIC RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES OR ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION
West Zone concessionaire Maynilad Water Services, Inc. (“Maynilad” or the “Company”), announced that S&P Global Ratings has issued a Climate Transition Assessment (“CTA”) on the Company, assessing it a “medium green” rating.
S&P Global Ratings is a leading provider of independent credit and sustainability evaluations. Its CTA provides a qualitative opinion on how prepared a company is for the transition to a lower-carbon economy, considering governance, strategy, risk management and climate-related targets.
S&P noted that all of Maynilad’s revenues come from activities it classifies as environmentally sustainable under its CTA framework. The assessment also confirmed Maynilad’s alignment with international sustainability standards, including the International Finance Corporation’s (“IFC”) guidance for blue finance and the World Federation of Exchanges’ (“WFE”) Green Equity Principles.
According to S&P, Maynilad’s “medium green” rating reflects service improvement initiatives such as non-revenue water reduction, potable water reuse through its NEW WATER project, watershed restoration and infrastructure upgrades. These projects support the Company’s role in providing essential water and wastewater services to over 10 million people in the West Zone concession.
The report further observed that “Maynilad’s carbon neutrality goal is ambitious in the context of the Philippines, which currently lacks a country-wide net zero commitment.”
“This independent assessment provides a transparent benchmark of our climate transition efforts,” said Maynilad Chief Sustainability Officer, Atty. Roel S. Espiritu. “It highlights both our progress and the areas where we can continue to strengthen.”
The full Climate Transition Assessment report is available from S&P Global Ratings: https://www.spglobal.com/ratings/en/regulatory/delegate/getPDF?articleId=3431961&type=COMMENTS&defaultFormat=PDF
Maynilad is the largest private water utility company in the Philippines in terms of customer base, according to GlobalData. Its service area includes the cities of Manila (all but portions of San Andres and Sta. Ana), Quezon City (west of San Juan River, West Avenue, EDSA, Congressional, Mindanao Avenue, the northern part starting from the Districts of Holy Spirit and Batasan Hills), Makati (west of South Super Highway), Caloocan, Pasay, Parañaque, Las Piñas, Muntinlupa, Valenzuela, Navotas and Malabon, all in Metro Manila; and the cities of Cavite, Bacoor and Imus and the municipalities of Kawit, Noveleta and Rosario, all in the province of Cavite.
This communication refers to the proposed initial public offering of Maynilad of up to [1,660,317,400] primary common shares (the “Firm Shares”) and to First Pacific Company Limited (“FPCL”) of up to [24,904,800] primary common shares (the “Reserved Shares”) with an Overallotment Option of up to [249,047,600] primary common shares (the “Overallotment Option Shares”) and subject to the exercise of an Upsize Option of up to [354,704,200] secondary common shares (the “Upsize Option Shares”) (collectively, the Firm Shares, the Reserved Shares, the Overallotment Option Shares and the Upsize Option Shares (if any) are referred to as the “Offer Shares”), each with a par value of ₱1.00 per common share (the “Common Shares”), of Maynilad. The Offer Shares will comprise up to [1,934,269,800] unissued Common Shares to be offered and issued by Maynilad by way of primary offer and up to [354,704,200] secondary Common Shares to be offered by Maynilad Water Holding Company, Inc. (“MWHCI” or the “Selling Shareholder”). The offer of the Offer Shares is referred to herein as the “Offer.”
The Firm Shares shall be offered at a price of up to ₱[20.00] per Offer Share (the “Offer Price”). The determination of the Offer Price is described in the section entitled “Determination of the Offer Price” of the Preliminary Prospectus and will be determined through a book‑building process and discussion between the Company, BPI Capital Corporation (the “Domestic Lead Underwriter”), The Hongkong and Shanghai Banking Corporation Limited, Morgan Stanley Asia (Singapore) Pte., UBS AG, Singapore Branch (the “International Underwriters”, and together with the Domestic Lead Underwriter, the “Joint Global Coordinators and Joint Bookrunners”).
The Offer Shares will be listed and traded on the Main Board of The Philippine Stock Exchange, Inc. (the “PSE”) under the trading symbol “MYNLD.”
This does not constitute or form part of and should not be construed as an underwriting commitment, an offer of financing, an offer to sell or issue, or the solicitation of an offer to buy or acquire, any of the Offer Shares or to otherwise participate in the Offer.
A Registration Statement covering the Offer of the Company was filed with the Philippine Securities and Exchange Commission (“SEC”) on March 17, 2025 but has not yet been rendered effective. Further, an application to list the Offer Shares was also submitted to the Philippine Stock Exchange (“PSE”) on March 17, 2025. The Offer may only commence when all regulatory approvals have been obtained.
The Preliminary Prospectus filed with the SEC and the PSE, which contains detailed information about the Company and the Offer is available for downloading on the Company’s website: https://www.mayniladwater.com.ph/prospectus/. The Preliminary Prospectus also contains the information required to be stated in any notice, circular, advertisement, letter or other forms of communication that will be published or transmitted to any person after a registration statement has been filed under Rule 8.3.1 of the 2015 Implementing Rules and Regulations of the Securities Regulation Code of the Philippines and which information is incorporated by reference in this communication.
This announcement does not constitute or form a part of any offer or solicitation to purchase or subscribe for securities in the United States or in any other jurisdiction where it is unlawful to do so. Any securities to which this announcement relates may not be offered or sold in the United States absent registration or an exemption from registration under the U.S. Securities Act of 1933, as amended. Neither the Company nor any seller of any such securities intends to register any portion of any offering in the United States or to conduct a public offering of securities in the United States. No money, securities or other consideration is being solicited by this communication or the information contained herein and, if sent in response to this communication or the information contained herein, will not be accepted.
This communication is provided for your reference only. Any forwarding, distribution, publication, or reproduction of this communication in whole or in part, or disclosure of any information contained herein, or any use of such information by any other person for any other purpose, is unauthorized. The information herein is accurate as of the date this communication is sent to you. There is no obligation to subsequently correct or update such information.
A REGISTRATION STATEMENT RELATING TO THESE SECURITIES HAS BEEN FILED WITH THE PHILIPPINE SECURITIES AND EXCHANGE COMMISSION BUT HAS NOT YET BEEN RENDERED EFFECTIVE. NO OFFER TO BUY THESE SECURITIES MAY BE ACCEPTED AND NO PART OF THE PURCHASE PRICE CAN BE RECEIVED UNTIL THE REGISTRATION STATEMENT HAS BECOME EFFECTIVE, AND THE PERMIT TO OFFER AND SELL SECURITIES HAS BEEN ISSUED AND ANY SUCH OFFER MAY BE WITHDRAWN OR REVOKED, WITHOUT OBLIGATION OR COMMITMENT OF ANY KIND AT ANY TIME PRIOR TO NOTICE OF ITS ACCEPTANCE GIVEN AFTER THE EFFECTIVITY OF THE REGISTRATION STATEMENT AND THE ISSUANCE OF THE PERMIT TO OFFER AND SELL SECURITIES. AN INDICATION OF INTEREST IN RESPONSE HERETO INVOLVES NO OBLIGATION OR COMMITMENT OF ANY KIND. THIS COMMUNICATION SHALL NOT CONSTITUE AN OFFER TO SELL OR A SOLICITATION OF AN OFFER TO BUY.
