AC Logistics, a new subsidiary created by Ayala Corporation (AC) for its investments in the logistics sector, has formed a joint venture agreement with Glacier Megafridge Inc. to construct, operate and maintain a cold chain facility in Cagayan de Oro City.
This was disclosed in AC’s latest quarterly report as shown below.
As shared by 2TradeAsia in Twitter, construction is expected to be completed in the 4th quarter of 2022.
$AC unit forays into cold chain logistics. AC Logistics Holdings (ACLHC) formed a 49%-51% JV with Glacier Megafridge (GMI) for construction & opening of storage facility in Cagayan de Oro (CDO).
— 2TradeAsia (@2TradeAsia) November 15, 2021
Construction completion is seen 4Q22. Phil. cold chain market CAGR is 10.8% to 2025, & is seen to reach P26bn driven by higher pharma/med imports, food consumption (meats, processed food) & fish/seafood production.
— 2TradeAsia (@2TradeAsia) November 15, 2021
It can be recalled that Glacier Megafridge had initial plans to put up a 20-hectare cold storage and logistics complex in the city. See our old posts last 2019 below.