October 13, 2024 | 12:00am
MANILA, Philippines — Listed energy and water conglomerate Vivant Corp. is selling its 60-percent stake in Watermatic Philippines Corp. (WMP) to its joint venture partner, Israel-based WaterMatic International Ltd.
Vivant subsidiary Vivant Hydrocore Holdings Inc. (VHHI) signed a share sale and purchase agreement with WaterMatic International on Friday for the sale of about P31.88 million worth of WMP shares.
The divestment was approved by the board of directors of Vivant Infracore Holdings Inc. last month and reaffirmed by the Vivant board this week.
“The exit enables VHHI to strategically focus on further intensifying its growth initiatives across other segments of the water infrastructure sector,” Vivant said.
Both parties, the conglomerate added, remain open to a possible partnership in the future, driven by a shared goal of introducing innovative water solutions to address the country’s water security issues.
In 2019, VHHI and WaterMatic International signed an agreement to establish WMP, a company engaged in the design, supply, installation, commissioning, operation and maintenance of water and wastewater treatment facilities.
At present, WMP is developing VHHI’s massive seawater desalination plant in the municipality of Cordova in Cebu, the completion of which will not be affected by the divestment as the plant is covered by a separate contract.
The plant targeted for completion this year is touted to be the country’s first utility-scale seawater desalination facility. Once completed, the facility will benefit around 20,000 households in Metro Cebu.
Last month, the Vivant group unloaded its entire equity interest in solar developer Buskowitz Energy Inc. (BEI) as part of its efforts to focus on key competencies.
The group, through Vivant Renewable Energy Corp., sold its 32.26-percent stake in BEI, equivalent to 560,000 common B shares, to Singapore-based Aurora Sustainable Energy Pte. Ltd.
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