SBS Philippines Corp. will invest in more warehouses after it sold its shares in subsidiary Lence Holdings Corp., the company disclosed to the exchange on Monday.
It earned P588.77 million in gross revenue from the share sale, a portion of which will be used to develop more warehouses for its product line.
SBS Philippines is now expanding facilities to cater to food ingredient raw materials.
The new facilities will be housed at its Quezon City headquarters to improve operational efficiency. It will also be utilizing technology.
The first warehouse will feature a multi-level racking system with a capacity of up to 1,800 pallet location. It will also have semi-automated shuttle carts.
These new facilities also target the increased demand for Halal certified logistic and distribution facilities, the company said.
SBS Philippines is a chemical trader and distributor of clients in several industries such as food ingredients, industrial, feed and veterinary care, pharmaceutical, and personal care and cosmetics.
Its logistics infrastructure currently has a network of 15 warehouse facilities in five sites across the greater Manila area.
On Monday, shares of SBS Philippines at the stock exchange went up by 3.53% or 15 centavos to close at P4.40 each. — Keren Concepcion G. Valmonte