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First State Investment Management Ltd., a UK-based firm, and its units acquired a total of 5.438% stake in the Ayala-led utility firm Manila Water Co. Inc. according to the company’s disclosure report with the Securities and Exchange Commission (SEC).

First State Investment is a part of the consolidated asset management business of the Commonwealth Bank of Australia which manages £70.8 billion funds in behalf of investors worldwide. The company is a special asset management business which focuses on developing and managing innovative products which seek to exceed clients’ objectives. It offers a range of product structures across categories including Asia Pacific and global emerging markets and global resources and utilities.

Manila Water, on the other hand, has a customer base of around 5.6 million people with its existing concession in the east zone of Metro Manila. It started operations in 1997 and has since already increased 24-hour water coverage to 99 percent from 26% and reduced water losses from 63% to less than 20%. It also continue to explore potential new water sources and undertakes reliability programs to ensure service continuity as well as mitigate impacts of calamities and other natural calamities.

With the entry of First State Investment in its fold only strengthens the water concessionaire’s financial backbone as it continues to undertake rehabilitation programs that will further enhance its service levels in areas with 24/7 water supply such as Mandaluyong, Pasig, San Juan, Marikina, Pateros, Makati, southeastern part of Quezon City and San Andres and Sta. Ana in Manila. With these areas already given 100% coverage, Manila Water continues its aggressive service expansion programs in Taguig, Antipolo, San Mateo, Rodriguez, Cainta, Taytay and Angono. The company also started providing water supply to the towns of Baras, Binangonan and Jalajala in Rizal Province.