Metro Pacific Investments Corp. (MPIC) is looking at investing in at least two more dairy farms to address the milk needs of its ice cream business, Carmen’s Best, its chairman Manuel Pangilinan said.
The expansion of the dairy business comes nearly two years since MPIC bought 51 percent of Carmen’s Best from the family of former Senator Ramon Magsaysay Jr. in June 2022.
Pangilinan said the group is also looking at three hectares of greenhouse in Mindoro where the company will plant corn for the food requirements of the cows.
Pangilinan said MPIC is looking at other agriculture-related acquisitions, with one being related to coconut.
Pangilinan said the company is looking at a substantial stake in the firm which he did not identify.
Last week, MPIC coconut products manufacturing unit, Axelum Resources Corp. sealed a 10-year contract to supply coconut water to Nasdaq-listed The Vita Coco Company Inc., a renewal of the company’s contract that expired last year.
Romeo Chan, Axelum chairman, said the new contract is extendable by another five years.
“This renewal contract marks the continuing strategic alliance between two industry leaders, who are strongly positioned to capitalize on the robust trajectory of the global coconut water segment in the coming years,” Axelum said in a statement.
The renewal follows the similar renewal of contract by Vita Coco for a similar service with listed Century Pacific Food Inc. last month.
Jonathan Burth, Vita Coco chief operating officer, said the company sources 40 percent of its coconut water from the Philippines.
The renewal reaffirms the company’s capability to supply the coconut water needs of Vita Coco, since 2009, when Axelum became the first supplier to Vita Coco located outside of Brazil.
