Business tycoon Lucio Co is prepared to invest up to P3 billion to improve the Bacolod City Water District-PrimeWater services in Bacolod City, Rep. Alfredo Abelardo “Albee” Benitez said Thursday evening, Dec. 18.
Benitez said he met with Co Thursday morning to discuss the need to infuse more capital to improve water services in Bacolod.
“The modernization program estimate of Baciwa is P1.5 billion and Co said he is willing to invest up to P3 billion,” Benitez added.
The Villar Group is selling 100 percent of PrimeWater Infrastructure Corp. to Crystal Bridges Holding Corp. of the Lucio Co Group.
Crystal Bridges will acquire PrimeWater’s entire portfolio of operations across the Philippines, Benitez confirmed.
Benitez expects the Co group to take over the operations of PrimeWater by early January.
They are just waiting for the clearance of the Philippine Competition Commission (PCC), an independent quasi-judicial body mandated to implement the national competition policy and enforce Republic Act No. 10667, or the Philippine Competition Act, Benitez said.
The new owner of PrimeWater agreed to review the JVA because there are provisions that the Baciwa board wants to amend so it is not one-sided, he added.
PrimeWater will also have to pay penalties and royalties due to Baciwa, and payments to suppliers, whether it is the old or new owner, Benitez said.
Benitez denied rumors that he is also an investor in Crystal Bridges Holding Corp., pointing out that Co has enough money on his own to take over PrimeWater.
Co also owns Puregold Price Club Inc. and membership shopping chain S&R.
On the Baciwa Employees Union call for government and not a private group to take over Bacolod’s water distribution services, Benitez said the private sector group has the needed funds for its modernization.*