(Photo courtesy of ORCA Cold Chain Solutions)
MANILA – ORCA Cold Chain Solutions, a pioneering cold storage company in the Philippines, is listing with the Philippine Stock Exchange to raise funds for its expansion program as it aims to seize opportunities in the growing industry.
In a statement Thursday, ORCA said it plans to sell 1,480,000,000 shares with an offer price set at PHP0.88 per share.
“The company intends to use the net proceeds, estimated to be PHP841.1 million, for land acquisition, expansion of existing facilities to accommodate additional value-added services, development of new cold storage facilities, and general corporate purposes,” the company said.
Currently, ORCA has two subsidiaries -- Arendelle Cold Logisitics, Inc. in Taguig and Eisberg Cold Logistics, Inc. in Caloocan -- with a combined capacity of 34,342 pallet positions, or equivalent to 34.3 million kilograms.
According to Cold Chain Association of the Philippines, the cold storage industry has a total holding capacity of 550,000 pallet positions or around 500,000 tons of various food products.
The industry is also expected to grow between 8 and 10 percent from 2022 to 2026.
ORCA also cited developments in the industry that support the growth of cold chain facilities in the country such as rising demand for meat and processed frozen food products, increase in restaurants and food-related establishments, and resilience of the cold storage market.
ORCA is one of the cold storage providers that helped the government with Covid-19 vaccine storage requirements.
It has an installed capacity of vaccine storage for 1 million doses and its facilities meet the requirements of several Covid-19 vaccines such as Pfizer, AstraZeneca, Janssen, Moderna, Sinopharm, and Sinovac. (PNA)
