Prime Water Infrastructure Corp., controlled by the Villar group, announced on Tuesday that it has agreed to sell the company to the Lucio Co group.
In a statement, Prime Water said it has signed definitive agreements for the acquisition of 100 percent of the company by Crystal Bridges Holding Corp., part of the Lucio Co group. No further financial or operational details were disclosed.
“Upon completion, Crystal Bridges will acquire Prime Water’s entire portfolio of operations across the Philippines,” the company said.
Prime Water operates water and wastewater infrastructure projects nationwide, including joint ventures with local water districts, bulk water supply, and septage and wastewater management services.
Its services have been rated poor and its commitments unmet by a nationwide Senate survey conducted following years of complaints by joint venture partners. The various water districts across the country with whom Prime Water served told legislators of intermittent supply, dirty and unsafe water coming out of the taps and unresolved operational violations that went on for years.
The hope is for Prime Water’s services to improve as the franchise transitions under its new owners down the line, observers said.
