Arab Today, arab today singapore\s gic invests 76m in philippine company
Last Updated : GMT 05:49:29
Arab Today, arab today
Arab Today, arab today

Singapore\'s GIC invests $76m in Philippine company

Arab Today, arab today

Arab Today, arab today Singapore\'s GIC invests $76m in Philippine company

Singapore - XINHUA

Singapore's sovereign wealth fund GIC said Friday it has made an investment of 3.4 billion peso (76 million U.S. dollars) in Century Canning Corporation, the parent company of a Philippine food company. The investment is made in the form of exchangeable loan, with an interest rate of 5 percent. Century Canning Corporation is the parent firm of Century Pacific Food Inc., which will be listed on May 6. The company will use the loan to finance the growth and expansion of its subsidiaries including Century Pacific Food, which produces fish and meat products such as tuna and corned beef for local and export markets. The businesses of Century Pacific Food also include canned and powered milk and other dairy products as well as coffee mixes. GIC, which manages well over 100 billion U.S. dollars of Signapore's reserves, said the investment was "a vote of confidence" in the Philippine economy as well as the value and management capability of the companies.

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