Interflour bags P998M loan to fund flour mill in Subic

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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Singapore-based Interflour Group starts US$30-M flour mill in Subic

Singapore-based Interflour Group (Interflour), one of the producers of the finest flour in the world, commenced on Tuesday the construction of its Philippine mill in Freeport as part of its expansion program to meet the flour needs in South-East Asia .

The ground-breaking ceremony was attended by Interflour managing director and chief executive Greg Harvey, Subic Bay Gateway Park president Jeff Lin, Subic Bay Metropolitan Authority (SBMA) Chairman Roberto Garcia, Interflour Group COO Jack Joseph Cwach, Mabuhay Interflour Mill Inc. (MIMI) president Angel Umali, MIMI general manager Vicente Magbanua, SBMA Deputy Administrator for Investment Ronnie Yambao, and SBMA COO Joven Reyes.

“The entry of Interflour in Subic Freeport is a big sign of the vibrancy of the Freeport today,” said SBMA Chairman Garcia, adding that Subic has increased its revenue collection by 15 percent this year.

Further, Garcia said that the flour mill facility will help realize the vision for Subic to become an international hub in Asia.

He noted that with the flour mill now in Subic, time and expenses incurred in hauling and transporting flour from Metro Manila to parts of Central and Northern Luzon would be reduced to as much as 50 percent.

In June 2014, Interflour signed a 50-year lease contract with SBMA, paving the way for the construction of the flour mill under the business name Mabuhay Interflour Mill Incorporated (MIMI), at a committed investment of US$30 million.

This will also mean additional revenue for SBMA, estimated to reach P5.5 million a year, for the use of ports for transport ships (usually Panamax vessels) coming from wheat-growing countries, primarily Australia, United States, and Canada, as well as Europe and the Black Sea countries.

Harvey explained that Interflour will engage in milling wheat into food flour for sale direct to consumers, distributors, and retailers in the country and for exports.

The Philippines is essential to the development of the flour industry and is one of the biggest flour markets in Asia.

The new mill in Subic, he said, is capable of producing 500 metric tons a day of the finest flour intended for the local market, particularly in Central and Northern Luzon.

“We hope to bring to the country affordable but high quality flour to help local bakeshop entrepreneurs,” Harvey said.

He added that the milling facility to be constructed in a 5.2-hectare lot inside the Subic Bay Gateway Park Phase II is expected to be completed in early 2017.

During construction period, more than 500 workers will be employed, while during commercial operation, the flour mill will need more 100 personnel, Harvey said.

Interflour Group is one of the biggest flour milling companies in the world with nine flour mills located in Vietnam, Indonesia, Malaysia, and Turkey with a combined wheat milling capacity of around 6,400 tons per day, which is equivalent to 1.6 million tons of flour produced each year.

It holds international certifications, manifesting its world-class technology, including Good Manufacturing Practice (GMP) and Halal Certification. It also has ISO 22000:2005/HACCP and ISO 9001:2008 for constantly providing its customers with optimum and consistent quality products and know-how. (RAV/MPD-SBMA)

PHOTOS:

[1] SBMA Chairman and Administrator Roberto V. Garcia (7th from left) and Greg Harvey, Managing Director and Chief Executive of Interflour Group, and other officials during the ground-breaking ceremony of Interflour’s milling facility in the Subic Bay Freeport. (AMD,EVS/MPD-SBMA)

[2] SBMA Chairman Roberto V. Garcia (extreme right) and Greg Harvey (4th from right), Managing Director and Chief Executive of Interflour Group, joins other officials in the ceremonial ground-breaking of Interflour’s milling facility project in the Subic Bay Freeport. (AMD,EVS/MPD-SBMA)

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SBMA, Singapore’s Interflour Group close $30-M investment deal

Singapore-based Interflour Group Pte Ltd. (Interflour), one of the producers of the finest flour in the world, will be building its Philippine mill in Subic as part of its expansion program to meet flour demand in Southeast Asia.

This developed as Interflour Managing Director and Chief Executive Greg Harvey, Subic Bay Gateway Park President Jeff Lin, and Subic Bay Metropolitan Authority (SBMA) Chairman Roberto Garcia signed a 50-year lease contract paving the way for the construction of the flour mill facility.

The event was witnessed by SBMA COO Joven Reyes, SBMA Deputy Administrator Joy Alvarado and SBMA Investment Manager Ronnie Yambao. Representing Interflour were Group COO Jack Joseph Cwach, Group Marketing Director Angel Umali, Group CFO Ma. Cristina Piguing, Group General Counsel Mark Neo, Mabuhay Interflour Mill Inc. (MIMI) Board Members Jesus Alcordo and Edgardo Gallo, and MIMI General Manager Vicente Magbanua.

Registered under the business name Mabuhay Interflour Mill Inc, the new flour mill is part of the US$30-million committed project investment of Interflour in Subic.

Garcia said the new Subic entrant is proof that the Philippines is “in the screen” of foreign investors who are encouraged by the trust and confidence earned by President Aquino’s good governance program.

The new flour mill will be constructed in a 52,852-sq.m. lot inside the Subic Bay Gateway Park. It is expected to be completed in 24 months’ time.

The company will engage in milling of wheat into food flour for direct sale to consumers, distributors and retailers in the domestic and for-export markets.

Garcia added that the project would provide bakeshops and entrepreneurs in the country with the highest quality flour in competitive or much lower price, as the cost of hauling and transporting flour to parts of Central and Northern Luzon will be cut by as much as fifty percent.

This will also mean additional revenue for SBMA of about P5.5 million a year, for the use of ports by transport ships coming from wheat-growing countries like Australia, United States, Canada, as well as Europe and the Black Sea countries.

For Interflour, Harvey noted that Interflour Group is one of the biggest flour milling companies in the world with seven flour mills located in Vietnam, Indonesia, Malaysia and Turkey. The combined wheat milling capacity of these mills is nearly 6,000 tons per day, which is equivalent to almost 1.5 million tons of flour produced each year.

He added that Interflour holds international certifications for its world-class technology, including Good Manufacturing Practice (GMP), and a certification for producing Halal food products.

The proposed mill in Subic will be capable of producing 500 metric tons a day of flour. However, Interflour plans to expand its capacity with an additional 500 tons by 2019.

“The Philippines is an important market in Asia, with an estimated 25,000 bakeshops and with Gardenia as the largest. Interflour will be offering the finest flour for the local market, particularly in Central Luzon,” Harvey said. (RAV/MPD-SBMA)

PHOTO:
SBMA Chairman Roberto V. Garcia (center) signs a memorandum of agreement for the flour mill project with Interflour Group Managing Director and Chief Executive Greg Harvey (left) and SBDMC Inc. President Jeff Lin.

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