Listed firms AbaCore Capital Holdings, Inc. and Greenergy Holdings, Inc. are planning to jointly develop a Logistics and Food Terminal Complex in Barangay Santa Rita, Aplaya, Batangas City.
Based on the Memorandum of Agreement (MOA) signed by Ala Eh Knit Inc., an affiliate of Abacore, and Greenergy, the existing shareholders of Ala Eh Knit agreed to infuse a 3-hectare property into Ala Eh in exchange for such a number of shares equivalent to 40 percent of the company’s total outstanding capital stock.
Greenergy, in turn, agreed to subscribe to such a number of shares equivalent to 60 percent of the total outstanding capital stock of Ala Eh Knit, paving the way for the company to acquire majority ownership of Ala Eh.
Once the capital restructuring of Ala Eh Knit is completed, Greenergy will manage the construction, development, and operation of the Logistics and Food Terminal Complex which will include cold and dry storage facilities, agri-processing facilities, and other related infrastructure necessary for marketing and procurement activities.
The facility, which is accessible to the Batangas port, will ensure that agricultural produce is safe and fresh before it is distributed to their respective local and international markets.
It will also enhance Greenergy's food storage capacity and boost its trading and export capabilities.
“It is the first step in Greenergy’s goal of establishing food terminals in each region of the country that would help in achieving food security and rolling out a commodity and futures exchange,” the company said.
Greenergy has been diversifying its portfolio to include agriculture, agri-tourism, real estate development, banking and finance, and information technology.