Villar Group to sell PrimeWater to Lucio Co Group

The Villar Group on Tuesday said it has entered into definitive agreements with the Lucio Co Group’s Crystal Bridges Holding Corp. for the acquisition of 100% of PrimeWater Infrastructure Corp.

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 deals.

Co, a business tycoon, owns Puregold Price Club Inc. and membership shopping chain S&R.

PrimeWater operates water and wastewater infrastructure projects nationwide, including water district joint ventures, bulk water supply, and septage and wastewater management services.

The announcement came amidst scrutiny of the alleged service deficiencies of the Villar-led water service provider.

In May, President Ferdinand Marcos Jr. ordered an investigation into the operations of PrimeWater due to alleged service-related complaints.

Earlier this month, Senator Raffy Tulfo said 61 local water districts were not satisfied with PrimeWater’s services and that many wish to terminate their joint venture agreements (JVAs) with the water service provider.

In response, PrimeWater president Roberto Fabrique Jr. said they are continuously coordinating with their partners to resolve the issues and maintained that they are not violating anything. — JMA, GMA Integrated News