Manila: The Philippine Competition Commission (PCC) has granted approval for a joint venture between Singapore-based Canopy Investments Pte. Ltd. and several Philippine companies operating in the cold storage, logistics, and real estate sectors. The PCC found that this collaboration poses no threat to market competition.

According to Philippines News Agency, the partnership involves Canopy and local firms including Mets Logistics Inc., Mets En Co Inc., Einstee Realty, Inc., Marssha Realty Development and Trading Corp., Magnificent Trio Properties Inc., and Mets Cold Storage Systems Inc. Canopy will take on the role of a financial partner by investing in newly issued shares of Mets Cold Storage, aiming to support the nationwide expansion of Mets Logistics’ cold storage operations.

The PCC’s assessment focused on the transaction’s impact on dry storage and warehousing, land leasing for commercial and industrial use, and office leasing. The Commission determined that there are no competition concerns with the joint venture, as the companies involved do not have overlapping services and the reorganization involves only intra-group transfers.

Currently, Mets Logistics operates cold storage facilities across the Philippines, while the associated property firms manage commercial storage assets. Prior to the investment from Canopy, the group plans to restructure by consolidating logistics and cold storage operations under Mets Cold Storage. Property companies will transfer related land and facilities while retaining unrelated assets.

The approved joint venture is anticipated to enhance cold storage capacity and stimulate competition within the domestic cold chain sector.