Abacore, Greenergy terminate MOA for food facility

MANILA, Philippines — Abacore Capital Holdings Inc. and Greenergy Holdings Inc. said yesterday that they are no longer pursuing an earlier memorandum of agreement (MOA) to develop and operate a logistics and food terminal in Batangas.

Last March 2021, Abacore subsidiary Ala Eh Knit Inc. and Greenergy signed a MOA to develop and operate a logistics center and food terminal in Barangay Sta. Rita, Aplaya, Batangas City.

Abacore said both parties agreed to mutually terminate the agreement effective immediately. Greenergy said it would focus on its core investments and projects in renewable energy and sustainable community development.

The planned Logistics and Food Terminal Complex was envisioned to boost agricultural productivity and enable farmers and fishermen to reach a wider market in the country and across the globe.

It was supposed to be a facility for agricultural produce so that these products would remain safe and fresh before they are distributed to their respective local and international markets.

Under the signed MOA, Greenergy will manage the construction, development and operation of the Logistics and Food Terminal Complex which will include cold and dry storage facilities, agri-processing facilities and other related infrastructure necessary for marketing and procurement activities.

No reasons were given for the termination of the MOA.

Abacore, headed by its president and CEO Raul de Mesa, has interests in financial services, real estate, gold mining and coal mining.