PCC approves Canopy-Mets joint venture for cold storage expansion

The Philippine Competition Commission (PCC) has approved a joint venture between Singapore-based Canopy Investments Pte. Ltd. and several local companies involved in cold chain storage, logistics, and real estate.

Canopy will invest by subscribing for new shares in Mets Cold Storage Systems Inc., supporting the expansion of cold storage operations nationwide through Mets Logistics Inc.

Property firms such as Einstee Realty, Marssha Realty Development, and Magnificent Trio Properties will transfer related land and facilities to the joint venture while retaining unrelated assets.

Mets Logistics will fold its cold storage and logistics operations into Mets Cold Storage, enhancing the company's capacity in response to growing demand.

The PCC reviewed three markets potentially affected by the deal but found no overlap in services offered by the partners, ensuring that competition remains robust within the domestic cold chain sector.