Government Corporate Counsel (GCC) Agnes VST Devanadera annotated during the official turnover of Maynilad to the New Sponsor, the DMCI-MPIC Water Company, Inc. that was held in Rizal Hall of Malacañang on January 24, 2007. The historic event was witnessed by no less than President Gloria Macapagal-Arroyo who was assisted by Finance Sec. Margarito Teves, DPWH Sec. Hermogenes Ebdane, Rep. Simeon Datumanong, MWSS Administrator Lorenzo Jamora, and MWSS Chairman of the Board of Trustees Oscar I. Garcia.
During the ceremony, GCC Devanadera said that "this ceremony signifies a long process of negotiations with the lenders concluding in the execution of the Debt and Capital Restructuring Agreement (DCRA) approved by the Rehabilitation Court on June 1, 2005. As part of the DCRA, MWSS' right to subscribe to 83.97% equity in Maynilad was bidded out thru a process of public bidding. DMCI-MPIC Water Company emerged as the winning bidder having submitted the total amount of $503 M."
Furthermore, she noted that "this ceremony is likewise a testimony to the value of privatization as a national policy of Her Excellency Gloria Macapagal-Arroyo. It is recognition of the private-public participation and cooperation in governance and in the delivery of basic services."
