Philippine Securities and Exchange Commission grants first Philippine Green Equity label to Maynilad ahead of planned November listing

The Philippine Securities and Exchange Commission has granted Maynilad Water Services, Inc. the first Philippine Green Equity label under its newly launched Guidelines on Philippine Green Equity, confirming the company’s compliance with the requirements subject to continuing adherence to the guidelines. The label is open to Philippine Stock Exchange-listed companies or IPO candidates that generate more than 50% of revenues from, and direct more than 50% of capital and operating expenditure toward, eligible Green Activities under the Philippine Sustainable Finance Taxonomy Guidelines or the ASEAN Taxonomy for Sustainable Finance, while limiting fossil-fuel-derived revenues to less than 5%. Based on an external reviewer’s assessment, Maynilad derived 100% of revenues from activities considered green and 87% of investments were channeled to green activities, with no fossil fuel revenues; the activities were assessed to substantially contribute to the climate change adaptation Environmental Objective under the Philippine taxonomy and to not cause significant harm to environmental objectives nor fail to materially comply with the Minimum Social Safeguards. The label grant comes ahead of Maynilad’s planned Philippine Stock Exchange listing in November. Maynilad expects to offer up to 1,660,317,400 common shares priced at up to PHP 20 each, plus an overallotment option of up to 249,047,600 shares and a preferential offer of up to 24,904,800 shares; if fully subscribed, net proceeds could reach up to PHP 37.38 billion. The offer is expected to run from October 23 to 29, with shares expected to list on the main board on November 7.