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Monday, May 20, 2024

Razon’s Prime Infra investing P55b in water, other projects

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By Jenniffer B. Austria and Alena Mae S. Flores

Prime Infrastructure Capital Inc., the infrastructure arm of tycoon Enrique Razon Jr., is investing P55 billion in energy, safe water, waste management and other projects that support the country’s urgent needs, a top executive said Thursday.

Prime Infra president and chief executive Guillaume Lucci said in a news briefing the company was well-positioned to build projects supporting the most urgently needed sustainability goals—energy, access to clean water, waste management and viable critical infrastructure.

He said the company planned to spend up to P55 billion in equity to finance existing projects and those in the pipeline.

“We need about, give or take, P50 to P55 billion of equity to support our projects,” he said.

Prime Infra might also revive its planned initial public offering in the first half of 2023, subject to market conditions, he said.

Lucci said “an IPO remains the primary objective” of the company to fund planned expansion projects.

“We are seeing things improving in the last couple of weeks. We will take a look at that in the first half of next year as soon as market conditions are supportive of an IPO,” Lucci said.

Prime Infra planned to conduct a P28-billion maiden share offering in October to fund its energy and water projects. It decided to defer the share sale amid the volatile market conditions.

Lucci said that despite the postponement of the IPO, the company continued to look out for investment opportunities both here and abroad to expand its footprint.

He said the company was also eyeing expansion projects in Southeast Asia and Latin America.

“As you can tell, we never stopped. We are always ahead and always moving and looking at opportunities. We will continue doing that, remaining true to our purpose in the market segments that we serve,” said Lucci.

“Our edge is we are a very disciplined management. We are absolutely relentless and always moving and two steps ahead,” he said.

“We actually get things done. Our track record is proven—when it comes to step up and get things done in complex settings, we actually do,” he said.

Prime Infra through water subsidiary Manila Water Philippine Ventures is looking to expand its presence in Pangasinan, Pampanga, Bulacan, Laguna, Batangas Cavite, Cebu and Davao.

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