The Villar Group is selling 100 percent of PrimeWater Infrastructure Corp. to Crystal Bridges Holding Corp. of the Lucio Co Group, Bacolod Rep. Alfredo Abelardo Benitez said on Tuesday, Dec. 16.
Crystal Bridges will acquire PrimeWater’s entire portfolio of operations across the Philippines, Benitez confirmed.
The Villar Group said it entered into definitive agreements with Crystal Bridges Holding Corp. for the acquisition of 100 percent of PrimeWater Infrastructure Corp.
PrimeWater that has joint venture agreements with water districts in Bacolod City, Himamaylan City, Bago City and Cadiz City in Negros Occidental has been subject to numerous complaints for poor water services.
Local officials hope PrimeWater will provide better services under its new owner.
Cadiz Mayor Salvador Escalante said the new ownership will give them an opportunity to review the JVA of PrimeWater and Cadiz City Water District to ensure better services.
PrimeWater’s performance in Cadiz has been bad, Escalante said.
They intend to tap other bulk water sources to supply water to the Cadiz City Water District that serves 30 percent of the water needs of the city, he said.
Escalante said he hopes the PrimeWater sale pushes through.
Himamaylan Vice Mayor Justin Gatuslao said he hopes the new company will look into the development plans PrimeWater initially proposed for Himamaylan that it never fulfilled.
He hopes with a new PrimeWater owner there will be improved services, water quality, and reliability.
Bacolod Mayor Greg Gastaya said what is most important now is how to improve the services of PrimeWater.
“The contract is between Baciwa and PrimeWater. It’s up to the company to decide whether to infuse capital. The concern of the city government is the services that it will deliver,” he said.
When the sale is completed they will have to sit down with BACIWA and the new owner, he said.
Amlig Tubig Bacolod, in a Facebook post, said “The root of the problem from Day 1 is the BACIWA–Prime Water contract itself. It is grossly onerous, one-sided, and designed to favor private greed over public welfare”.
It called for the nullification of the contract.*