BusinessWorld February 17, 2021 | 12:06 am A SUBSIDIARY of Ayala Corp. has agreed to sell its preferred shares in Manila Water Co., Inc. to Trident Water Co. Holdings, Inc. as control over the water concessionaire continues to shift. In a regulatory filing on Tuesday, Ayala Corp. said its wholly owned unit Philwater Holdings Co., Inc. executed a share purchase agreement on Feb. 15, which sold 2.69 billion of its preferred shares in Manila Water to Trident Water owned by Enrique K. Razon, Jr. The company said the preferred shares are equivalent to a 39.09% voting stake and 8.19% economic stake in Manila Water. According to the disclosure, the purchase price of the preferred shares was at P1.80 per share, equivalent to a total of P4.84 billion.