• GILBERT P. BAYORAN
Bacolod Lone District Representative Alfredo Abelardo Benitez revealed on Thursday that business tycoon Lucio is prepared to invest as much as P3 billion to improve the water service of PrimeWater-BACIWA in highly-urbanized Bacolod City.
PrimeWater-BACIWA earlier told Benitez that it needs P1.5 billion to improve water services in Bacolod City.
In a statement released on Tuesday, the Villar Group has confirmed that it has entered into definitive agreements with the Lucio Co Group’s Crystal Bridges Holding Corp. for the acquisition of 100 percent of PrimeWater Infrastructure Corp.
Aside from BACIWA, PrimeWater also entered into Joint Venture Agreements with water districts in cities of Cadiz, Bago and Himamaylan in Negros Occidental.
Benitez expects the Crystal Bridges owned by Co to take over the PrimeWater operations by January next year.
In a statement, the Villar Group said Crystal Bridges will “acquire PrimeWater’s entire portfolio of operations across the Philippines” upon the completion of the deal.
Co, a business tycoon, owns Puregold Price Club Inc. and membership shopping chain S&R.
Benitez denied speculations that he is a part-owner of the company that purchased PrimeWater Infrastructure Corporation.
“Lucio Co can afford it,” he pointed out.
In his meeting with the tycoon, Benitez said the new owner of PrimeWater agreed to review the JVA, noting that the BACIWA board wants to amend some provisions which they described as one-sided.
Whether it is the old or new owner, PrimeWater will have to pay penalties and royalties due to BACIWA, and payments to suppliers, the solon said.
PrimeWater, a subsidiary of Prime Asset Ventures Inc., previously faced consumer complaints concerning the quality and reliability of its water services.
The company serves over 1.7 million households and treats more than 500 million liters of water daily. Its service coverage spans from Tuguegarao in Cagayan province, through Central Luzon, Metro Manila, Calabarzon and the Visayas, extending all the way to Davao City in Mindanao.*
