Conglomerate Metro Pacific Investments Corp. is prepared to spend P8 billion to expand its logistical business through expansions and acquisitions as it expects the new business to be a major contributor to the group.
Metro Pacific chief finance officer David Nicol said in a press briefing Wednesday the company was looking at three acquisitions in the logistic business and planned to build greenfield projects, like distribution centers and warehouses.
“Over the next couple of years, the expansion rate that our logistic business (would cost) up to P8 billion. Some of that (are) acquisitions and some involve building distribution centers,” Nicol said.
Metro Pacific president Jose Ma. K. Lim said the group expects the logistics business to be a major contributor to the conglomerate.
“We want to make logistics a major contributor to MPIC. This logistics business was started last year. It would take a year or so get to the size that we want and from there it will continue to grow and become a major player,” Lim said.