Prime Integrated Waste Solutions Inc. (PWS), a subsidiary of the Razon Group’s Prime Infrastructure Capital Inc. (Prime Infra), has completed its acquisition of Cebu-based ARN Central Waste Management, Inc. (ACI).
In a statement, Prime Infra said the acquisition was sealed during a ceremonial signing of the share purchase agreement at the Prime Infra office in Pasay City.
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,” said Prime Infra President and CEO Guillaume Lucci.
He noted that, “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,” Lucci added.
PWS also targets to develop two more MRFs in Luzon within 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,” said 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.