Faces of the News: Enrique Razon Jr.
Tycoon Enrique Razon Jr. has emerged as the white knight of beleaguered Manila Water Co. (MWC) amid government accusations that the water distribution deal with the Ayala-led firm has “onerous provisions”that supposedly put the state at a disadvantage.
Such repeated and very public flogging from President Rodrigo Duterte has put in doubt the water concessionaire’s operations in the East Zone after its contract runs out in 2022.
Razon infused P10.7 billion to get 25-percent equity in MWC, but the Ayala group assigned proxy rights to allow the tycoon to take the helm of MWC with 51-percent voting rights.
Razon has now launched an offer to buy other MWC shareholders at P13 per share.
As chief of the International Container Terminal Services Inc., Razon is an expert at navigating difficult regulatory environments in multiple jurisdictions, thereby raising hopes that MWC would be in a much better position to negotiate a concession renewal under his leadership.
