Abacore, Greenergy to put up logistics terminal in Batangas

MANILA, Philippines — Listed firms Abacore Capital Holdings Inc. and Greenergy Holdings Inc. have partnered to build a logistics and food terminal in Batangas to facilitate distribution of the country’s produce to local and world markets.

The facility will rise on a three-hectare property in Barangay Santa Rita, Aplaya, Batangas City.

Under the memorandum of agreement they signed, shareholders of  Ala Eh Knit Inc., an affiliate of Abacore, will infuse a three-hectare property into the company in exchange for shares equivalent to 40 percent of the total outstanding capital stock.

Greenergy, in turn, agreed to subscribe to 60 percent of the total outstanding capital stock of Ala Eh Knit.

Furthermore, Greenergy will manage the construction and operation of the logistics and food terminal complex.

The facility will have cold and dry storage capacity as well as other logistics needs.

These include agri-processing facilities and other related infrastructure necessary for marketing and procurement activities of agricultural products and other goods.

Through the facility, Greenergy and its affiliates will ensure that agricultural produce are safe and fresh before they are distributed to local buyers and before they are shipped to global export markets.

As a result, the facility will enhance Greenergy’s food storage capacity and boost its trading and export capabilities.

It is the first step in Greenergy’s goal of establishing food terminals in each region of the country to help improve food security in the country, enable farmers to reach a wider market and for the company to be able to roll out a commodity and futures exchange in the near future.

The construction and development of the facility is part of Greenergy’s diversification.

Its portfolio now includes agriculture, agri-tourism, real estate development, banking and finance and information technology, among other industries.