Tycoon Razon ‘goobles up’ Cebu waste firm

Tycoon Razon ‘goobles up’ Cebu waste firm

By Junex Doronio
January 24, 2023

Photo (from left) shows Prime Infra chief financial officer Jesus Bernardo Palma III, ARN Central Waste Management Inc. (ACI) chairman of the board and chief executive officer Arnold Espinoza, and corporate secretary Elias Espinoza, sign documents at the Second Closing for the Acquisition of ACI on Jan. 20, 2023, in Pasay City.

CEBU CITY — Like the “Pacman game,” Prime Integrated Waste Solutions Inc. (PWS), a subsidiary of tycoon Enrique K. Razon Jr.-led Prime Infra, has acquired the Cebu-based ARN Central Waste Management Inc. (ACI) which it will develop and upgrade to bring it at par with world-class materials recovery facilities (MRFs) in other developed countries like Singapore with which Mayor Mike Rama has long envisioned for this city to achieve.

“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,” Prime Infra president and Chief Executive Officer (CEO) Guillaume Lucci said.

ACI presently receives around 1,000 tons of Cebu province’s municipal solid waste daily.

Reports said the acquisition was sealed during a ceremonial signing of the share purchase agreement on Friday, Jan. 20, at the Prime Infra office in Pasay City.

Present during the signing 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, and ACI chairman of the board and chief executive officer (CEO) 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.

It was gathered that PWS and WasteFuel Philippines, another Prime Infra subsidiary, make up the company’s waste business that aims to convert organic waste and agricultural feedstock into green methanol and sustainable aviation fuel.

Reliable sources said WasteFuel Philippines also plans to put up its first biorefinery in this reputed “Queen City of the South.” (ai/mtvn)

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