PRIME Infrastructure Capital, Inc. (Prime Infra) said on Monday that its unit Prime Integrated Waste Solutions Inc. (PWS) has fully acquired ARN Central Waste Management, Inc. (ACI).
“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,” Prime Infra President and Chief Executive Officer Guillaume Lucci, said in a media release.
ACI is a Cebu-based waste management company that offers treatment services and air purification.
Prime Infra said that the acquisition was sealed during a ceremonial signing of the share purchase agreement held last week.
Prime Infra said that ACI will be the first waste management business that it will develop. ACI receives about 1,000 tons of Cebu province’s solid waste daily.
Prime Infra said it targets to “bring it at par with world-class materials recovery facilities (MRFs) in other developed countries like Singapore.”
To achieve this, Mr. Lucci said that Prime Infra’s unit, PWS, will deliver waste-management services that will create a positive impact on the environment and on the communities.
PWS is also planning 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,” Mr. Lucci said.
Meanwhile, Prime Infra said that another unit, WasteFuel Philippines, is planning to put up its first biorefinery in Cebu City.
WasteFuel Philippines, which is engaged in the waste business, converts organic waste and agricultural feedstock into green methanol and sustainable aviation fuel. — Ashley Erika O. Jose