KUALA LUMPUR (May 15): Ikhlas Capital Singapore Pte Ltd, an ASEAN private equity fund manager headed by former CIMB group chairman Datuk Seri Nazir Razak as well as other well-known financial professionals including Kenny Kim, Gita Wirjawan and Cesar Purisima has invested US$18 million in Philippine’s Glacier Megafridge Inc (GMI).

Nazir who is the chairman of Ikhlas said while Covid-19 crisis has resulted in some disruption to global supply chains, it has high confidence in GMI as a quality service provider.

“We are excited to be a part of GMI’s growth story, as we believe that the company has a strong competitive edge with its state-of-the-art facilities and highly experienced management team and is well-positioned to grow market share and will prove resilient in weathering this crisis,” he said in a statement.

GMI co-founder and president Arturo C Yan said the investment from Ikhlas is an important milestone as the company embark on its expansion plans.

“We believe in mindful growth through strategic and synergistic partnerships. Together with the strong local and regional network of Ikhlas, we can enhance our value proposition, both in terms of location coverage and service quality. We will work non-stop towards becoming the top cold chain player in the country,” he said.

Founded in 2005, GMI is now one of the leading integrated cold chain logistics service providers in the Philippines, preferred by many local and international blue-chip companies.

Operating in eight major facilities in Metro Manila and key provinces, GMI has aggregate pallet capacity of more than 50,000 with all its facilities are built to international standards besides earning industry certifications, such as HACCP and ISO 22000.

Prior to GMI, Ikhlas had invested in Pelikan Holding AG, a German manufacturing company of writing, office and art equipment last year.