LUCIO L. CO-LED Crystal Bridges Holdings Corp. is set to take full control of Villar-led PrimeWater Infrastructure Corp., allowing the company to operate the latter’s entire portfolio across the country.
In a statement on Tuesday, the Villar-led company said it has entered into definitive agreements for the acquisition of 100% of PrimeWater.
PrimeWater did not disclose the cost of acquisition.
“Upon completion, Crystal Bridges will acquire PrimeWater’s entire portfolio of operations across the Philippines,” the company said.
PrimeWater, a subsidiary of Prime Asset Ventures, Inc., serves over 1.7 million households and supplies about 500 million liters of water per day across more than 100 partnered water districts nationwide.
Its operations span multiple provinces, including Bulacan, Batangas, and Laguna.
The company is owned by Manuel Paolo A. Villar, the eldest of the Villar siblings.
Some big companies, including Pangilinan-led Metro Pacific Investments Corp., had expressed interest to acquire the water company after billionaire Manuel B. Villar, Jr. said he wanted to dispose of PrimeWater, saying the company is “being used against us in politics” amid mounting criticism of its services.
President Ferdinand R. Marcos, Jr. has launched a probe of the water service provider following complaints from its consumers.
The Local Water Utilities Administration, a state-run firm that provides support for water systems in provincial cities and municipalities, started an official investigation into PrimeWater’s 73 joint venture agreements with local water districts nationwide.
Asked to comment, China Bank Capital Corp. Managing Director Juan Paolo E. Colet said that the tycoon’s takeover of the water utility would work due to his resources and network.
“Lucio Co is making a huge bet on the water utility business. It marks a bold diversification of his business empire. He certainly has the resources and relationships to make this investment work,” he told BusinessWorld.
Mr. Co is the chairman of conglomerate Cosco Capital, Inc., a major holding company known for its diverse portfolio in retail, real estate, liquor distribution, and oil and mining. — Sheldeen Joy Talavera
