Manila Water to redeem 2013 bonds early

Ayala-led Manila Water Co. Inc. will redeem its 2013 bonds early by two years, the company told the Philippine Stock Exchange on Friday. Manila Water said its board approved the early redemption of its P4-billion fixed rate bonds due 2013 on October 23, 2011. The bonds were issued on October 9, 2008. "The bonds shall be redeemed by payment in cash at a redemption price set at 102 percent of the principal amount and accrued interest computed up to October 23, 2011 to bondholders," Manila Water said. Payment to the bondholders will be made on October 24, 2011. On Thursday, Manila Water said it would sell its stake in the JITF Manila Water Development Co. Ltd. to its partner JITF Water Infrastructure Ltd. The joint venture was created to undertake "development of water related projects in certain territories in India." Manila Water said its s exit in the joint venture would allow it and JITF Water to "freely pursue any business activity in India." In the year's first half, Manila Water said its income grew 2 percent to P2 billion. Manila Water, which supplies water to Metro Manila's east zone, has been seeking to expand outside its concession. Besides India, it also sought projects in Vietnam. --CMA/OMG, GMA News