Lucio Co Group acquires Villar’s PrimeWater
MANILA, Philippines — The group of retail tycoon Lucio Co has emerged as the next owner of the Villar Group’s PrimeWater Infrastructure Corp.
In a statement yesterday, the Villar Group said that Crystal Bridges Holding Corp. of the Co Group has entered into definitive agreements for the acquisition of 100 percent of PrimeWater.
Other details of the transaction were not disclosed.
Co chairs listed holding firm Cosco Capital Inc., which has investments in grocery retailing through Puregold and S&R, liquor distribution, commercial real estate, specialty retailing, oil and minerals and a growing renewable energy portfolio.
The retail magnate also operates a water utility company called Pamana Water Corp.
“Upon completion, Crystal Bridges will acquire PrimeWater’s entire portfolio of operations across the Philippines,” the Villar Group said.
PrimeWater operates water and wastewater infrastructure projects nationwide, including water district joint ventures, bulk water supply and septage and wastewater management services.
Former senator Cynthia Villar earlier said that her husband, tycoon Manuel Villar Jr., wants to dispose of PrimeWater since it is being used against them in politics.
PrimeWater, a subsidiary of Prime Asset Ventures Inc., has 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 Tuguegarao in Cagayan province, through Central Luzon, Metro Manila, Calabarzon and the Visayas, extending all the way to Davao City in Mindanao.
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