Villar Group to sell PrimeWater to Lucio Co Group

The Villar Group announced Tuesday that it has entered into definitive agreements with Crystal Bridges Holding Corp. of the Lucio Co Group for the acquisition of 100% of PrimeWater Infrastructure Corp., signaling a major ownership shift in the Philippine water utility sector.

In a statement, the Villar Group said Crystal Bridges will “acquire PrimeWater’s entire portfolio of operations across the Philippines” upon completion of the transaction.

The value of the deal was not disclosed by either party.

Crystal Bridges is part of the business group led by tycoon Lucio Co, chairman of listed holding firm Cosco Capital Inc. and owner of grocery retailer Puregold Price Club Inc. and membership shopping chain S&R.

The Lucio Co Group also operates Pamana Water Corp., another water utility company with operations in several local government units.

PrimeWater operates water and wastewater infrastructure projects nationwide, including joint ventures with local water districts, bulk water supply systems, and septage and wastewater management services.

The company serves more than 1.7 million households and treats over 500 million liters of water daily, according to company data.

Its service coverage spans Tuguegarao City in Cagayan province, Central Luzon, Metro Manila, Calabarzon, parts of the Visayas, and extends as far as Davao City in Mindanao.

The sale comes amid heightened public scrutiny of PrimeWater’s operations following complaints from consumers and local water districts.

In May, President Ferdinand Marcos Jr. ordered an investigation into PrimeWater over alleged service deficiencies.

Earlier this month, Sen. Raffy Tulfo said 61 local water districts were dissatisfied with PrimeWater’s services, with many reportedly seeking to terminate their joint venture agreements with the Villar-led utility.

In response to the criticism, PrimeWater President Roberto Fabrique Jr. said the company continues to work with its partners to address concerns and insisted it remains compliant with regulations, saying they are “continuously coordinating with their partners to resolve the issues” and that they are not violating anything.

Former Sen. Cynthia Villar previously said her husband, billionaire Manuel Villar Jr., wanted to dispose of PrimeWater because it was being used against the family in politics.

The transaction was announced during a gathering attended by Lucio Co and his son Vincent Co, president of Puregold Price Club, as well as Manuel Villar Jr. and his eldest son, Manuel Paolo Villar.

PrimeWater is a subsidiary of Prime Asset Ventures Inc. and has previously faced consumer complaints related to the quality and reliability of its water services.

Once completed, the acquisition will transfer full control of PrimeWater’s nationwide operations to the Lucio Co Group, positioning Crystal Bridges as a major player in the Philippine water utility industry.