PCC CLEARS METS COLD STORAGE BUY-IN DEAL

MANILA, Philippines — The Philippine Competition Commission (PCC) has cleared the partnership between a Singapore-based investor and a group of local cold storage and property firms linked to businessman and sports patron Edward Tio.

The deal involves Singapore’s Canopy Investments and several firms connected to the Tio-led Mets Logistics, Inc., a company that runs cold storage facilities around the country.

Canopy will buy new shares in Mets Cold Storage, bringing in fresh funds to help expand cold storage operations in the Philippines.

The other companies involved are Mets En Co Inc., Einstee Realty, Inc., Marssha Realty Development and Trading Corp., Magnificent Trio Properties, Inc., and Mets Cold Storage Systems Inc.

The PCC said the deal posed no threat to market competition.

READ: GCP invests P7B in local cold storage chain

Reorganization

Before Canopy comes in, the companies will reorganize their businesses.

Mets Logistics will fold its cold storage and logistics operations into Mets Cold Storage.

At the same time, related property companies — Einstee Realty, Marssha Realty and Magnificent Trio Properties — will transfer land and cold storage facilities used for these operations but will keep ownership of other properties.

READ: Antitrust agency sets higher thresholds for deal clearance

The PCC said it reviewed the possible impact of the deal on three markets: storage and warehousing, leasing of commercial and industrial land and office space rentals.

It said it found no overlap in services that could harm competition, and thus gave the green light.

With the new partnership, Mets Logistics is expected to expand its cold storage capacity.

The PCC said the transaction was expected to improve competition and services in the country’s growing cold chain sector.

2025-05-08T00:43:42Z