Razon’s Prime Infra buys waste management firm
Prime Infrastructure Capital Inc., the infrastructure arm of ports and gaming tycoon Enrique Razon Jr., is beefing up its portfolio by entering the waste management business by buying a company based in the Visayas.
In a statement, Prime Infra said its subsidiary Prime Integrated Waste Solutions Inc. (PIWSI) will acquire ARN Central Waste Management Inc. (ACI), a waste management company located in Cebu City.
ACI is the first waste management firm that Prime Infra is developing and upgrading to bring it at par “with world-class materials recovery facilities in other developed countries like Singapore.”
Prime Infra did not disclose other relevant details about the transaction such as the acquisition cost and the estimated time for sealing the deal.
“PIWSI aims to immediately address methane emissions, prevent ocean, water and air pollution through efficient waste management, and enhance the quality of life in surrounding communities by supporting critical infrastructure in Cebu,” it said.
At present, ACI receives around 1,000 tons of Cebu province’s municipal solid waste daily.
“We are looking forward to working closely with the local government of Cebu City to successfully achieve our strategic objectives and make the city a showcase for waste-to-value initiatives in the country,” said Cara Peralta, Prime Infra’s waste market sector head.
Over the next two years, PIWSI plans to break ground on waste management facilities focusing on resource recovery in other strategic parts of the Philippines.
Both PIWSI and WasteFuel Philippines comprise the waste business of Prime Infra, which focuses on investing in various assets such as energy, access to clean water and critical infrastructure.
WasteFuel Philippines, currently developing its first biorefinery in Cebu City, aims to convert organic waste and agricultural feedstock into fuels such as green methanol and sustainable aviation fuel.
Prime Infra had laid out plans to raise up to P55 billion to bankroll its development pipeline, with its planned P28-billion initial public offering assuming a key role in expanding its war chest for investments primarily in energy and water projects.
