Commodities trader TechnoFarm plans to set up a P1 billion cold storage center in Bulacan in a year or two to meet growing food demand.
David Ong, TechnoFarm president, in a press briefing also revealed plans to go public in three years to support its expansion.
Ong said the company is also in exploratory talks with European firm Polskamp Meat Industrie for the establishment in the Philippines of a poultry farm and make it a hub in Southeast Asia.
Ong said TechnoFarm plans to put up a two to three- hectare cold storage facility to centralize its imports of frozen meats/ofals and legumes for redistribution to food processors, especially smaller companies.
At present, Technofarm imports about 200 to 300 containers of frozen products per month and another 300 to 500 containers per month of legumes (peanuts, soybeans etc) per month which it houses in different areas like Cavite, Pampanga and Binondo.
According to Ong, TechnoFarm will look into an initial public offering of its shares. It will become the first commodities trader to do go public.
The five-year old agribusiness firm, is beefing up its storage facilities as it aims to be among the leading agri-logistics providers in the country.
“We’re here to give farmers better control of their products. We hope to empower them by providing them access to storage facilities that will keep the freshness of their produce longer and give them access to distribution facilities that will link them to markets further afield” Ong said.
