MANILA - Metro Pacific Investments Corp on Monday said it entered a deal to acquire 51 percent of the outstanding shares of The Laguna Creamery Inc (TLCI) and other involved parties which collectively represents the Carmen's Best Group.

Carmen's Best Group is behind Carmen's Best Ice Cream, the popular home-grown premium ice cream band.

In a disclosure to the stock exchange, Manny Pangilinan's MPIC signed a deal to acquire 571,803 common shares in TLCI for P198 million as it diversifies its investment portfolio to include the agriculture sector.

Metro Pacific said it entered into an Investment Framework Agreement with Carmen’s Best Dairy Products, Carmen’s Best International Dairy Company, Real Fresh Dairy Farms, The Laguna Creamery, RMJ Development Corporation and certain individual shareholders.

Under the deal, Carmen's Best Group will integrate its assets and operations into TLCI, with MPIC owning a 51 percent equity investment in TLCI and the group retaining 49 percent equity.

After the transaction is finalized, TLCI will become a subsidiary of MPIC, it said.

"The agricultural sector presents a wide range of possibilities that can help us achieve several goals - to strengthen the food supply chain and augment the accessibility of resources for all Filipinos as well as provide more opportunities for growth in an otherwise underserved business," MPIC Chairman, President and CEO Manuel Pangilinan said.

"Ultimately, the country should aim for substantial independence in food. And we must feed our people first,
he added.

MPIC said they envision transforming TLCI into a fully integrated dairy business.

• Metro Pacific Tollways unveils new mobility app; eyes adding e-wallet, marketplace
• Metro Pacific posts P3.1 billion net income in first quarter of 2022
• Metro Pacific eyes investing more in hospitals, expanding biogas projects

RELATED VIDEO:

Watch more News on iWantTFC