IKHLAS Capital Singapore Pte. Ltd. (Ikhlas) recently signed an agreement t for an investment of up to US$18 million in Glacier Megafridge Inc. (GMI), one of the leading integrated cold chain logistics service providers in the Philippines .
Founded in 2005, GMI is preferred by many local and international blue-chip companies.
GMI operates 8 major facilities in Metro Manila and key provinces, with over an aggregate pallet capacity of 50,000. All facilities are built to international standards, earning industry certifications, such as HACCP and ISO 22000. GMI is owned by William Y. Tieng and Arturo C. Yan.
The Ikhlas investment will fund GMI’s plans to scale up capacity in providing end-to-end service and to extend geographic coverage nationwide.
“This investment is an important milestone as we embark on our expansion plans. At GMI, we believe in mindful growth through strategic and synergistic partnerships. Together with the strong local and regional network of Ikhlas, we can enhance our value proposition, both in terms of location coverage and service quality. We will work non-stop towards becoming the top cold chain player in the country, ” said Yan, co-founder and president of GMI.
Even with the strict lockdown period in the Philippines, from March 16, GMI continues to operate as an essential business in food distribution. The domestic demand for cold chain logistics remains robust. Majority of GMI’s customers, who are engaged in food products and services, require the use of temperature-controlled storage and transportation in their stock management.. “While the current COVID-19 crisis has inevitably resulted in some disruption to global supply chains, we are confident that GMI, as a quality service provider, is well-positioned to grow market share and will prove resilient in weathering this crisis,” said
“We are excited to be a part of GMI’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 Dato’ Sri Nazir Razak, chairman of Ikhlas.
