Prime Infrastructure Capital Inc. said its subsidiary, Prime Integrated Waste Solutions Inc. (PWS), has completed the acquisition of Cebu-based ARN Central Waste Management Inc. (ACI).
The acquisition was formalized in a ceremonial signing of the share purchase agreement last Friday.
ACI is the first waste management business that Prime Infra is developing and currently receives around 1,000 tons of Cebu province’s municipal solid waste daily.
Prime Infra said it is upgrading the facility to bring it on par with world-class materials recovery facilities (MRFs) in developed countries like Singapore. It also eyes developing two more MRFs in Luzon within the next two years.
“We are excited about this acquisition which marks Prime Infra’s entry into the waste business. Prime infra established PWS as a response to the market demand for modern waste recovery facilities to accommodate the rapid year on year increase in solid waste output. Through PWS, we plan to deliver world-class waste management services that will create a positive impact on both the environment and the surrounding communities,” said Guillaume Lucci, Prime Infra president and chief executive officer, in a statement.
Lucci added that it is also part of the strategy to establish an integrated waste management and sustainable fuels solution that will help tackle the solid waste problem in the Philippines.
Prime Infra said the facility complements WasteFuel Philippines, its other subsidiary, that converts organic waste and agricultural feedstock into green methanol as well as sustainable aviation fuel.
