Published on March 25, 2021 06:08 PM By Maria Romero @tribunephl_mbr

Listed firms AbaCore Capital Holdings, Inc. and Greenergy Holdings, Inc. are setting up a Logistics and Food Terminal Complex in Barangay Santa Rita, Aplaya, Batangas City to boost distribution of farm commodities.

In the Memorandum of Agreement (MOA) signed by Ala Eh Knit Inc., an affiliate of Abacore, and Greenergy, the existing shareholders of Ala Eh Knit agreed to infuse a 3-hectare property into Ala Eh in exchange for shares equivalent to 40 percent of the company’s total outstanding capital stock.

Greenergy agreed to subscribe to such number of shares equivalent to 60 percent of the total outstanding capital stock of Ala Eh Knit — paving the way for the company to acquire majority ownership of Ala Eh.

Once the capital restructuring of Ala Eh Knit is completed, Greenergy will manage the construction, development, and operation of the Logistics and Food Terminal Complex.

The project includes cold and dry storage facilities, agri-processing facilities and other related infrastructure for marketing and procurement activities.

The facility, which is accessible to the Batangas port, will ensure that agricultural produce are safe and fresh before they are distributed to their respective local and international markets.

The Logistics and Food Terminal Complex is envisioned to boost agricultural productivity and enable farmers and fishermen to reach a wider market in the country and across the globe.

It will also enhance Greenergy’s food storage capacity and boost its trading and export capabilities.

The project is the first step in Greenergy’s goal of establishing food terminals in each region of the country that would help in achieving food security and rolling out a commodity and futures exchange.