Singaporean-owned Mabuhay Interflour Mill, Inc. (MIMI) has entered into a P998-million, seven-year loan deal with BDO Unibank, Inc. to partly finance the construction of its flour mill within a 5.2-hectare property in Subic Bay Gateway Park Phase II.
MIMI is the Philippine subsidiary of Interflour Group Pte Ltd. of Singapore, one of the largest flour millers in Asia.
The project, which is expected to be completed early 2017, involves the milling of wheat into food flour for direct sale to consumers, distributors and retailers in the country, as well as for the export market. The flour mill has a capacity to produce 500 metric tons of flour per day, which may be doubled to 1,000 metric tons by 2019.
With an estimated 25,000 bakeshops operating in the country, Interflour considers the Philippines an important market in the region.
At present, Interflour is operating nine flour mills – eight in Southeast Asia and one in Turkey – and has a wheat milling capacity of 6,500 tons per day. In June 2014, itsigned a 50-year lease agreement with the Subic Bay Metropolitan Authority, establishing its entry in the Philippines.
“The investment of Interflour in the Philippines is a welcome development. BDO supports initiatives by conglomerates that generate employment opportunities in fast-growing business districts like Subic,” said Edward Wenceslao, BDO senior vice president and head of international desks.
“We welcome the support of BDO and thank them for the cooperation in working with us to develop local employment and more affordable flour for the Philippine community in general,” said Greg Harvey, Interflour chief executive. (Malaya Business Insight)
PHOTO:
SBMA Chairman Roberto V. Garcia (extreme right) and Greg Harvey (4th from right), Managing Director and Chief Executive of Interflour Group, with other officials during the ceremonial ground-breaking of Interflour’s milling facility project in the Subic Bay Freeport in November, 2015. (AMD,EVS/MPD-SBMA)
http://www.malaya.com.ph/business-news/business/interflour-bags-p998m-loan-fund-flour-mill-subic
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