Greenergy Holdings Inc. has forged an agreement with Ala Eh Knit Inc. for the development and operation of a logistics center and food terminal in Sta. Rita, Batangas City.
Under a memorandum of agreement between the two firms, Ala Eh, an affiliate of Abacore Capital Holdings Inc., will be transformed into a joint venture vehicle for the project that will rise on a 3-hectare property.
Ala Eh will also change its corporate name, work to have its authorized capital stock (ACS) raised to P1.5 billion and change its primary purpose to allow the company to engage in the business of operating, managing, leasing and developing a logistics center and food terminal complex.
Further, Greenergy will infuse into Ala Eh P900 million by subscribing to the latter’s unissued capital stock. This will result in a 60-percent shareholding in Ala Eh once the ACS is raised.
For its part, Ala Eh will contribute a property for its 40-percent stake valued at P600 million.
Libertad
According to Abacore, the property is contiguous to the P6.5-billion property of Libertad Logistics Integrated Zone Builders Development Corp., which is intended to be consolidated into Abacore.
The planned food terminal, to be managed and operated by Greenergy, shall engage in the business of manufacturing, trading, storage and logistics requirements for the agricultural industry and other related activities.
Greenergy will also manage the construction, development and operation of the logistics center.
This facility will consist of cold and dry storage facilities, agriprocessing facilities and other facilities necessary for marketing and procurement activities.