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PCC approves Singapore firm-backed cold storage joint venture

/ PCC approves Singapore firm-backed cold storage joint venture

PCC approves Singapore firm-backed cold storage joint venture

PRESS RELEASE
7 May 2025

PCC approves Singapore firm-backed cold storage joint venture

The Philippine Competition Commission (PCC) has approved a joint venture comprising a group of cold chain storage and real estate companies and a Singapore-based holding entity after finding that the transaction will not result in a substantial lessening of competition in the relevant markets.

The partnership, entered into by Canopy Investments Pte. Ltd. (Canopy), Mets Logistics, Inc. (Mets Logistics), Mets En Co Inc. (Mets En Co), Einstee Realty, Inc. (Einstee Realty), Marssha Realty Development and Trading Corporation (Marssha Realty), Magnificent Trio Properties, Inc. (Magnificent Properties), and Mets Cold Storage Systems Inc. (Mets Cold Storage), is expected to expand Mets Logistics’ cold storage capacity in the Philippines. Canopy, a Singapore-based holding company, will enter as a new financial partner through its subscription to new shares in Mets Cold Storage.

The PCC reviewed three (3) potentially affected markets: dry storage and warehousing services, land leasing for commercial and industrial use, and office leasing services. Following its assessment, the Commission found no competition concerns in the joint venture since there will be no overlap in any of the services offered by the companies involved and the reorganization merely involves intra-group transfers.

Mets Logistics operates cold chain facilities across the country, while Mets En Co serves as its parent company. The property companies—namely, Einstee Realty, Marssha Realty, and Magnificent Properties—are family-owned entities engaged in commercial storage property management.

Prior to Canopy’s investment, an internal restructuring will be undertaken to transfer Mets Logistics’ cold storage and logistics businesses to Mets Cold Storage. The property companies will also transfer land and cold storage facilities dedicated to these operations, while retaining ownership of other properties.

The approval of the joint venture is expected to enhance cold storage capacity, thereby strengthening competition in the Philippine cold chain sector.

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REFERENCE:  
publicaffairs@phcc.gov.ph  
Public Affairs and Research Division
Communications and Knowledge Management Office
Philippine Competition Commission



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