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Ikhlas plans cold chain venture in PH

By Chino S. Leyco

Ikhlas Capital Singapore Pte. Ltd. (Ikhlas), an ASEAN private equity firm, said the company will invest in the Philippine-based integrated cold chain logistics ser¬vice provider Glacier Megafridge, Inc. (GMI).

In a statement, Ikhlas said the company signed an investment agreement of up to $18 million, roughly ₱911 million, with GMI to boost the logistics firm’s transport capacity and network expansion.

Arturo C. Yan, GMI co-founder and president, said that Ikhlas’ investment will be used to scale-up their capacity in providing end-to-end service and extend geographic coverage nationwide.

“This investment is an important milestone as we embark on our expansion plans. At GMI, we believe in mindful growth through strategic and synergistic partnerships,” Yan said.

“Together with the strong local and regional network of Ikhlas, we can enhance our value proposition, both in terms of location coverage and service quality. We will work non-stop towards becoming the top cold chain player in the country,” he added.

Founded in 2005, GMI said it is one of the leading integrated cold chain logistics service providers in country, and “preferred by many local and international blue-chip companies.”

GMI, who is also owned by William Y. Tieng, currently operates eight facilities in Metro Manila and key provinces, with an aggregate pallet capacity of over 50,000.

“All facilities are built to international standards, earning industry certifications, such as HACCP and ISO 22000,” the company said.

Even with the strict lockdown period in the Philippines amid pandemic, Yan said GMI continues to operate as an essential business in food distribution, noting the domestic demand for cold chain logistics remains robust.

Majority of GMI’s customers, who are engaged in food products and services, require the use of temperature-controlled storage and transportation in their stock management, Yan said.


Source: Manila Bulletin (https://business.mb.com.ph/2020/05/17/ikhlas-plans-cold-chain-venture-in-ph/)

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