A wholly-owned unit of the Consunji-led DMCI Holdings Inc. sold 10 percent of its stake in Subic Water and Sewerage Co. Inc. for P210.58 illion.

DMCI Holdings told the Philippine Stock Exchange that DMCI Project developers Inc sold 915,590 of its shares in Subic Water to the City of Olongapo.

DMCI-PDI still owns a total of 30 percent of Subic Water’s outstanding capital stock after the sale.

Subic Water holds the exclusive right and privilege to operate, maintain, and improve the water and sewerage systems of Olongapo City and Subic Bay Freeport under a 30-year franchise term.

Apart from the Consunji family, other shareholders of Subic Water include Maynilad Water Services Inc., Singaorean water utility specialist Semborp Industries, and the Subic Bay Metropolitan Authority.

Subic Water introduced the first public-private partnership build-operate-and transfer model in the water and wastewater services industry.

The company was formed in 1997 to address the impending water crisis in Olongapo City during the ’90s, and the growing commercial water requirements of the booming Subic Bay Freeport Zone.

In its website, Subic Water said it was the first ISO-certified water utility in South East Asia.