Greenergy Holdings Inc.said it is partnering with Abacore Capital Holdings Inc., to put up a logistics center and food terminal in Batangas.
The two firms inked their partnership through a memorandum of agreement where Abacore unit Ala Eh Knit Inc. will infuse a three-hectare property in Barangay Sta. Rita, Aplaya, Batangas City into its asset, then increase its capitalization to P1.5 billion where Greenergy will subscribe to 60 percent of its capital.
The remaining 40 percent will then be subscribed by existing Ala Eh shareholders.
The company shall manage the construction, development and operation of the logistics center consisting of cold and dry storage facilities, agri-processing facilities and other facilities that are necessary for marketing and procurement activities.
No details were provided.
The project will be beneficial to industries that require cold storage facilities like fish amid concern for ample supply to feed the country.