The acquisition was sealed during a ceremonial signing of the share purchase agreement on Friday, Jan. 20, 2023, at the Prime Infra office in Pasay City.
Present during the signing were Prime Infra chief financial officer Jesus Bernardo Palma III and market sector lead for waste Carla Angelica Peralta, PWS president Alexander Tantoco, WasteFuel Philippines technical advisor Paul Puthenpurekal, and ACI chairman of the board and chief executive officer (CEO) Arnold Espinoza, chief operating officer and executive director Sherwin Santos, directors Gerald Anthony Gullas, George Tsai, Sansaluna Pinagayao, general manager Kevin Matthew Siao and corporate secretary Elias Espinoza.
ACI is the first waste management business that Prime Infra is developing and upgrading to bring it at par with world-class materials recovery facilities (MRFs) in other developed countries like Singapore.
It currently receives around 1,000 tons of Cebu province’s municipal solid waste daily.
“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 Prime Infra president and CEO Guillaume Lucci.
PWS also targets to develop two more MRFs in Luzon in the next two years.
“The transaction is also part of Prime Infra’s overall strategy to establish an integrated waste management and sustainable fuels solution that will help tackle the solid waste problem in the Philippines,” added Lucci.
PWS and WasteFuel Philippines, another Prime Infra subsidiary, make up the company’s waste business. The WasteFuel business aims to convert organic waste and agricultural feedstock into green methanol and sustainable aviation fuel. It plans to put up its first biorefinery in Cebu City. (PR)