Infrastructure conglomerate Metro Pacific Investments Corp. plans to ramp up investments in the agriculture sector as it finalizes two to three acquisitions over the next six months.
MPIC chief finance officer June Cheryl Cabal-Revilla said the group would announce a new acquisition over the next few weeks. She said two more in the pipeline might be completed in the first quarter of 2023.
Cabal-Revilla said the upcoming deal would be bigger in size compared to the first acquisition.
Metro Pacific acquired in June a 51-percent stake in The Laguna Creamery Inc. to take over the Carmen’s Best Group for P198 million. The Magsaysay family will own the remaining 49 percent.
MPIC chairman and chief executive Manuel Pangilinan said the company was focused on expanding its investments in the agriculture sector
Pangilinan said the group had no immediate plans of acquiring Roxas Holdings Inc. which is 50.9-percent owned by MPIC’s parent firm First Pacific Co. Ltd.
“We have not discussed about it. We should allow MPIC to develop its own agri food business before we rationalize,” Pangilinan said.
“Right now, it is just Carmen’s Best, but I think we are looking at several agri ventures which hopefully in the near future we can announce,” he said.
RHI is an integrated sugar company that expanded its business interests to include bioethanol and co-generation. It operates a sugar mill and a refinery in Nasugbu, Batangas.
MPIC, which has investments in power distribution and power generation, toll road, water distribution and hospitality, had announced plans to venture into the agriculture sector to reduce the country’s dependence on food imports amid the global supply chain disruptions and high inflation.
Pangilinan also said the group was no longer interested in the modernization of Ninoy Aquino International Airport.
The Department of Transportation earlier said it would entertain new proposals for the multibillion-peso rehabilitation and upgrade of NAIA.
MPIC was a part of a consortium that submitted a proposal to rehabilitate NAIA for P102 billion. It backed out from the consortium over unresolved issues with the government.