Asia Pacific

Singapore Firm to Invest US$18 Million in Filipino Cold Storage Operator

Singapore-based private equity firm Ikhlas Capital is set to invest US$18 million in Filipino cold storage and logistics provider Glacier Megafridge, according to an article published on May 18 by Philippine-based media outlet BusinessMirror.

The investment aims to help Glacier Megafridge scale up capacity and expand its nationwide footprint, the article says.

“We are excited to be a part of [Glacier Megafridge’s] growth story, as we believe that the company has a strong competitive edge with its state-of-the-art facilities and highly experienced management team,” said Ikhlas Capital Chairman Nazir Razak.

Glacier Megafridge currently operates eight cold storage facilities in the Philippines. It is one of the main cold storage operators in the country — together with firms such as Jentec Storage, Vifel Ice Plant and Cold Storage, Koldstor, and a few others.

Philippines eyes clean cooling

The cold storage industryin the Philippinesis expected to expand very rapidly in the next few years, driven mainly by an increase in domestic consumption and a desire by the Philippine government to reduce food waste and post-harvest loss.

At the same time, efforts are also underway to lay the foundation for adoption of the most energy-efficient technologies, with the lowest greenhouse gas emissions.

To that end, the Cold Chain Innovation Hub (CCI-Hub), a Manila, Philippines-based center for sustainable HVAC&R technology exhibitions and training, is now actively seeking contributions of demonstration cooling systems from industry stakeholders.

Interested parties are asked to download and fill out this questionnaire. Once completed, the document should be attached to an email and sent to Jan Dusek, Head of Global Partnership at jan.dusek@shecco.comby Wednesday, May 27.

CCI-Hub was launched last year as part of an initiative to upgrade the food chain in the Philippines. Called the “Global Partnership for improving the Food Cold Chain in the Philippines,” the initiative is jointly led by the United Nations Industrial Development Organization (UNIDO) and the Department of Environment and Natural Resources of the Philippines (DENR). shecco (publisher of this website) is one of the project’s key executing partners.

For more information on the initiative, visit this website.  

Those interested in staying up-to-date on the latest project announcements are encouraged to sign up for the official newsletter by clicking this link.  

We believe that [Glacier Megafridge] has a strong competitive edge with its state-of-the-art facilities and highly experienced management team.

Nazir Razak, Ikhlas Capital