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Philippines' Ayala finds toehold in Thailand with water deal

Unit takes 18.72% stake in East Water, which serves Thai industrial heartland

Manila Water workers check for leaks in Vietnam. (Courtesy of Manila Water)

MANILA -- Philippine conglomerate Ayala is pushing into Thailand, with a water investment marking its first big step.

Ayala-led Manila Water has agreed to acquire 18.72% of Eastern Water Resources Development and Management, a publicly listed distributor known as East Water, from Electricity Generating Public Company, or EGCO. The conglomerate informed the Philippine Stock Exchange of the deal on Monday.

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