Manila Water, Mitsubishi ink deal for Myanmar project

Posted at 03/17/14 1:14 PM

MANILA, Philippines – Manila Water Company, Inc. and Mitsubishi Corporation are set to pursue a water project in Myanmar following the signing of a memorandum of understanding (MOU) with the Yangon City Development Committee (YCDC).

The MOU, which was signed Monday, is for the development of a proposed non-revenue water reduction project for Yangon City.

The proposed project is in line with Manila Water’s plans to pursue projects outside the East Zone and other selected markets in the Asian region.

Manila Water in a disclosure to the stock exchange said it will provide more information on the MOU “once definitive agreements on the proposed project have been executed and/or completed.”

YCDC is an administrative body of the Yangon city government overseeing the water, infrastructure, business licenses and city property management.

Yangon, also known as Rangoon, is the largest city and used to be the capital of Myanmar.