LOGISTICS company Metropac Movers Inc. (MMI) is spending roughly P9.2 billion to develop a property in General Trias, Cavite, and expand its operations.
The property, costing about P1.2 billion, consists of adjacent parcels of land with an aggregate size of 202,000 square meters (sq m).
Acquired from The Property Company of Friends Inc. (ProFriends), the land will be used to develop and manage distribution centers for the company’s existing and potential clients in the fast- moving consumer goods, consumer durables, automotive and e-commerce spaces.
“MMI is budgeting to spend over P8 billion to develop the property into 141,000 sq m of covered warehouse space and purchase the equipment to service its clients,” a disclosure to the stock exchange read.
The purchase, the document stated, complemented the 522 brand-new trucks the company acquired in the fourth quarter of 2017 and existing leased warehouse space totaling 207,000 sq m across the country.
The company is also planning to acquire another 300,000 sq m of land in Bulacan to “build the leading logistics firm in the country, the first choice of existing and future clients for their logistics needs.”
The two properties are expected to generate 7,000 jobs upon completion.
MMI, a subsidiary of Metro Pacific Investments Corp., is eyeing to be one of the largest logistics firms in the Philippines.
It has been acquiring small and midsized companies since its entry into the logistics scene in 2016. The company is currently eyeing a minority stake in the Air21 Group of the Lina family.
3 comments
Hi there! This is my first visit to your blog!
We are a collection of volunteers and starting a new initiative in a community in the same niche.
Your blog provided us beneficial information to work on. You have done a wonderful job!
If you are going for most excellent contents like myself,
simply pay a visit this web site all the time as it gives quality contents, thanks
It’s reassuring that despite the business downturns due to the pandemic, there’s still enough demand for an expansion in logistics.