The Villar group on Tuesday announced that Crystal Bridges Holding Corp., owned by business tycoon Lucio Co, will acquire 100 percent of PrimeWater Infrastructure Corporation, a major water distributor operating nationwide.
The announcement showed Co alongside his son, Vincent Co, who heads retailer Puregold Price Club.
Also present were business tycoon and former Senate President Manny Villar and his eldest son, Paolo Villar. The parties did not disclose the value of the transaction.
PrimeWater operates water and wastewater infrastructure projects across the country, including joint ventures with local water districts, bulk water supply systems, and septage and wastewater management services.
The development comes months after President Ferdinand “Bongbong” Marcos Jr., in his fourth State of the Nation Address last July, ordered an investigation into PrimeWater’s services following consumer complaints over poor water service.