The Cebu Provincial Government has received dividend payout worth P21 million from Cebu Manila Water Development Inc., on Wednesday, August 30.
CMWD is the joint investment firm Capitol formed with Manila Water Consortium Inc. (MWCI) of businessman Enrique Razon Jr. It is engaged in the business of processing 35 million liters of water daily from Luyang River in Carmen and selling it to Metro Cebu areas.
The cheque, which was personally handed by MWCI president Melvin Tan, was a dividend payout for the year 2022 that came from the common shares held by the provincial government in the joint venture company.
According to Tan, the common shares are the first share held by the province in the company when it was formed in 2012, while the preferred shares refer to the investment infused by the province last year in 2022.
Under the joint venture, MWCI owns 51 percent of the firm, while the province owns the remaining 49 percent.
Last August 10, the company also turned over to the Capitol another P10.8 million dividend payout from its non-voting preferred shares. | Babie Jane Revecoy