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Manila Bulletin devider Business devider The Stock Market devider URC forging joint venture for plastic waste management

URC forging joint venture for plastic waste management

Published Jul 8, 2024 11:57 pm

Universal Robina Corporation (URC), the food and beverage unit of the Gokongwei Group, is forming a joint venture with Greencycle Innovative Solutions Inc. for waste management.

In a disclosure to the Philippine Stock Exchange (PSE) on July 9. 2024, URC said the waste management that will be done by the joint venture will include the collection, treatment, recovery, and processing of plastic wastes.

The two firms intend to incorporate a joint venture company (JVCo), subject to their ability to secure the approval of the Securities and Exchange Commission on its incorporation. The JVCo is targeted to start commercial operations in September 2024.

Through the joint venture, the parties aim to formulate an integrated operation or ecosystem that incorporates the reduction of plastic waste through the collection, treatment, and processing of waste materials and converting it into reusable or recyclable products.

The initial paid-in capital of JVCo is P27 million, with URC owning 75 percent of the company and Greencyle Solutions owning the remaining 25 percent. Such an ownership ratio shall be maintained for all types of financial capital undertakings.

Greencycle is a firm engaged in waste management, recycling, and other activities aimed at helping corporations, local government units, and other entities with its waste diversion, through the processing and converting of waste products into viable energy source or material, and plastic neutrality programs consistent with the Extended Producer Responsibility Law.

URC said the JVCo. shall form part of its strategies to comply with its obligations under the Extended Producer Responsibility Act (EPRA) of 2022. It does not see any material effect on its business, financial condition, and operations.

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