CANNED sardines maker Mega Global Corp. has created a subsidiary that will serve multiple functions, including as an incubator for new initiatives as well as a sales and distribution unit for the group’s product portfolio.
Michelle Tiu Lim-Chan, Mega Global chief operating officer, said during a media briefing in Quezon City on Tuesday that the new unit, Mega Prime Foods, Inc. (MPFI), will be the largest among the company’s subsidiaries.
“As the largest subsidiary, MPFI will house all of the products currently known under Mega and will also serve as an incubator for the new releases in the future. This will be the hub of our research and development group. It will also be in charge of the sales and distribution of the entire portfolio,” Ms. Lim-Chan said.
With the launch of MFPI, Mega Global now has a third subsidiary after fishing and canning unit Mega Fishing Corp. (MFC) and social responsibility arm Mega Tiu-Lim Foundation.
“This is just a change in structure because we aim to professionalize our entire business ecosystem so that we can deliver the highest quality products to Filipinos better and faster,” Ms. Lim-Chan said.
She also said that Mega Global has set the launch of its P1-billion manufacturing plant in Sto. Tomas, Batangas by January 2023. The plant is expected to boost the company’s production and presence in Luzon.
Ms. Lim-Chan said that the Batangas plant will source its fish from nearby fishing grounds, while fishing arm MFC will supply Visayas, Mindanao, and some parts of Luzon. MFC handles fishing and canning in Zamboanga.
“MFC’s business covers fishing, can-making, shipbuilding, ice production, and sardines canning through the Ayala and Talisayan plants (in Zamboanga),” she said.
“We assure everyone of the consistent freshness and highest quality in the products that we serve,” she added.
Ms. Lim-Chan said that Mega Global has no immediate plan to increase the price of its products amid the impact of the Philippine peso’s depreciation against the US dollar.
“We import a lot of raw materials,” she said. “The raw materials include tomato paste and tin can. No price increases yet because we are trying to hold it for the Filipino people. But when you look at the dollar increases, we are feeling the crunch of the price increases.”
Meanwhile, Mega Global Chief Growth and Development Officer Marvin Tiu Lim said the company remains optimistic about its plan for an initial public offering (IPO) by 2025.
“That is something that we’re aiming for. We cannot say for sure because we don’t know what 2025 will be. Hopefully, the markets will rebound. We want 2025 because it is our 50th year anniversary. But that won’t dictate when or why we will go IPO. But that is our target. We will see,” Mr. Lim said.
“We want to share the company with the public. It is a household name. Everybody knows it. More and more people are getting into investments and stocks,” he added. — Revin Mikhael D. Ochave