Ayala Corp.’s independent directors are former execs

EMETERIO SD. PEREZ

As principal stockholder of Manila Water Corp. (MWC), Ayala Corp. (AC) directly holds 844.537 million common WMC common shares. It also indirectly owns 22.409 million WMC common shares for total holdings of 866.946 million MWC common shares, or 41.99 percent.