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Manila Bulletin devider Business devider MPIC, LR Group expand agri ventures

MPIC, LR Group expand agri ventures

Published Dec 22, 2022 12:27 pm

Metro Pacific Agro Ventures, Inc. (MPAV), a wholly-owned subsidiary of Metro Pacific Investments Corp. (MPIC), is expanding its dairy business in partnership with the LR Group of Israel.

Early this year, MPIC ventured in the dairy industry by partnering with the Carmen’s Best Group and acquiring a 51 percent stake in The Laguna Creamery, Inc..

The LR Group served as technical advisors for the deal between MPIC and Carmen’s Best.

The transaction includes building a farm facility in Bay, Laguna, with a capacity to produce at least 6million liters of milk per year.

The partners will construct the facility in 2023. It will be completed in two years, with operations slated to start by late 2025 to early 2026.

“Our investment in agriculture is synonymous to food security and substantial independence but will ultimately become a means of alleviating hunger in our country – a pressing issue that we have taken as a challenge to address,” MPIC Chairman, President, and CEO Manuel V. Pangilinan said.

“Our goal is and always will be to feed our people first,” he added.

The agribusiness venture is part of MPIC’s vision to be the largest catalyst for a Sustainable Philippines.

MPIC plans to sink more investments in the agricultural sector to reduce the country’s dependence on food imports.

To date, the Philippines imports 99 percent of its annual dairy requirements so the MPAV-LR Group deal is a significant growth opportunity for MPIC.

Founded in 1985, the LR Group operates worldwide in financing, managing, developing, producing, and maintaining medium and large-scale national projects in high-growth economies all over the world.

The company and its affiliates have completed hundreds of sustainable projects in Africa, Europe, Oceania and South America in Agriculture and agro-industry, Housing and construction, Renewable energy, Water treatment, Communication, Health, Education and training.

“We share the same values with MPIC and MPAV in terms of maximizing what their country has to offer primarily in land, natural resources and skills, and in turn, helping their local communities thrive,” LR Group Co-Founder and CEO Ami Lustig said.

Related Tags

MPIC MPAV DAIRY INDUSTRY MPIC IN AGRI BIZ LR Group
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