UU sells stake in Philippines utility

UNITED UTILITIES has sold its interest in a Philippines public utility company for around £44m.

The utility company has sold its 11.7% stake in Manila Water Company to existing shareholders Ayala Corporation, a holding company for Philippines conglomerate Ayala Group, and Philwater Holdings Company.

Once the deal is complete, United Utilities said it will reinvest around £725,000 in a stake in Philwater Holdings Company.

The transaction is expected to complete before the end of the year.