Prime Integrated Waste Solutions Inc., a subsidiary of Prime Infrastructure Capital Inc., said Monday it completed the acquisition of Cebu-based ARN Central Waste Management Inc.
“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 Guillaume Lucci said.
“Through PWS, we plan to deliver world-class waste management services that will create a positive impact on both the environment and the surrounding communities,” said Lucci.
ACI is the first waste management business that Prime Infra is developing and upgrading to bring it at par with world-class materials recovery facilities in developed countries like Singapore.
ACI receives around 1,000 tons of Cebu province’s municipal solid waste daily.
“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,” said Lucci.
PWS aims to develop two more MRFs in Luzon within the next two years, he said.
PWS and WasteFuel Philippines, another Prime Infra subsidiary, make up the company’s waste business which aims to convert organic waste and agricultural feedstock into green methanol and sustainable aviation fuel.
It plans to put up its first biorefinery in Cebu City.
The parties signed the share purchase agreement on Jan. 20, 2023 at the Prime Infra office in Pasay City.
Attending the signing ceremony were Prime Infra chief financial officer Jesus Bernardo Palma III and market sector lead for waste Carla Angelica Peralta, PWS president Alexander Tantoco, WasteFuel Philippines technical advisor Paul Puthenpurekal, ACI chairman and chief executive Arnold Espinoza, chief operating officer and executive director Sherwin Santos, directors Gerald Anthony Gullas, George Tsai, Sansaluna Pinagayao, general manager Kevin Matthew Siao and corporate secretary Elias Espinoza.