The Philippine Competition Commission (PCC) has cleared the joint venture between Singapore-based Canopy Investments Pte. Ltd. and several Philippine companies in the cold storage, logistics, and real estate sectors.

This, as the agency found that the deal between the companies poses no threat to local market competition.

The partnership includes Canopy and local firms 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 serve as financial partner through its investment in newly issued shares of Mets Cold Storage, supporting the expansion of Mets Logistics’ cold storage operations nationwide.

The PCC reviewed the transaction’s impact on dry storage and warehousing, land leasing for commercial and industrial use, and office leasing.

“Following its assessment, the Commission found no competition concerns in the joint venture since there will be no overlap in any of the services offered by the companies involved and the reorganization merely involves intra-group transfers,” the anti-trust body said in a statement Wednesday.

Mets Logistics currently runs cold storage facilities across the country, while property firms manage related commercial storage assets.

Prior to Canopy’s investment, the group will restructure to consolidate logistics and cold storage operations under Mets Cold Storage.

The property companies will transfer related land and facilities while keeping unrelated assets.

The approved joint venture is expected to raise cold storage capacity and boost competition in the domestic cold chain sector.

FTI PHOTO