French firm ties up with Dharmala

French firm ties up with Dharmala

MANILA (AFP): France's Compagnie Generale des Eaux (CGdE), one
of the world's four largest water utilities, signed a joint
venture agreement yesterday with a local affiliate of Indonesia's
Dharmala group, an official said.

Under the agreement, Dharmala Philippines Inc. will provide
technical and financial advice to CGdE in preparation for the
upcoming privatization of the state-run water utility, the
Metropolitan Waterworks and Sewerage System (MWSS), said Dharmala
Philippines Chief executive officer Alan Ortiz.

CGdE has an estimated US$33 billion in sales worldwide for
1995.

Dharmala Philippines is 60 percent Filipino-owned and 40
percent owned by various foreign firms.

Details of the MWSS privatization strategy conducted by the
World Bank's International Finance Corp. are to be released next
week, Ortiz said, adding that the signing of the agreement with
CGdE will "start the ball rolling."

The bid for the MWSS, which services some 10 million residents
in metropolitan Manila, is the largest water utility
privatization project in the world under consideration, informed
sources said.