Manuel V. Pangilinan-led Metro Pacific Investments Corp. is looking at potential acquisitions in the P20-billion cold chain sector to support its budding agribusiness portfolio. | miguelrcamusINQ /PDI
“For agriculture, you need cold storage, which we did not have before. It was really just the warehousing business,” Revilla said.Juan Victor Hernandez, CEO of Metro Pacific Agro Ventures Inc., said investments in cold storage might involve acquisitions but he did not provide details.
The biggest operator is Jentec Cold Storage, with a share of 19 percent, followed by Glacier Megafridge, with a market share of 13 percent, according to 2020 data from third-party research firm Ken Research.Metro Pacific said it would continue to aggressively expand in agriculture as it set aside about P8 billion for agribusiness acquisitions this year.
Metro Pacific also recently announced the acquisition of a 34.7-percent stake in listed coconut processing and exports firm Axelum Resources Corp.“Carmen’s is doing quite better, we made a small profit last year,” he said.
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