Listed conglomerate Metro Pacific Investments Corp. (MPIC) announced on Monday that it signed an agreement with the Magsaysay-led Carmen’s Best Group, with the former acquiring a 51% stake in the dairy company. READ:
ic Investments Corp. announced on Monday that it signed an agreement with the Magsaysay-led Carmen’s Best Group, with the former acquiring a 51% stake in the dairy company.
MPIC entered into a partnership with the Carmen’s Best Group, which consists of Carmen’s Best Dairy Products, Inc., Carmen’s Best International Dairy Co., Inc., Real Fresh Dairy Farms, Inc., and The Laguna Creamery, Inc., as it hopes to “further develop and expand the operations of its dairy farm and dairy products manufacturing facilities,” the company said in a statement.
June Cheryl A. Cabal-Revilla, MPIC’s chief finance, risk, and sustainability officer, said at the briefing that the listed company will be investing P198 million in TLCI. The transaction values Carmen’s Best at P288 million. “Carmen’s Best has always had family at the heart of its brand — from the humble beginnings of my father and his friend’s dairy farming project, to the touch of creativity I added to turn it into a modest ice cream business,” said Francisco Delgado Magsaysay, Carmen’s Best’s chief executive officer.
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