Why Manny Pangilinan is Acquiring Carmen's Best Ice Cream

Tycoon Manny Pangilinan's Metro Pacific Investment Corp. said it was acquiring a controlling stake in the company that controls premium ice cream brand Carmen's Best and Holly's Milk as the conglomerate expands to agriculture.

Metro Pacific told the stock exchange it would aquire 51% of The Laguna Creamery Inc or TLCI, uder which the businesses and assets of Carmen's Best Group will be consolidated.

The Laguna Creamery will be a subsidiary of MPIC after the transaction, according to the disclosure, joining PLDT and Smart, Meralco, Makati Medical Center and Metro Pacific Tollways, among others.

Metro Pacific will acquire 517,803 common shares for a total consideration of P198 million, according to the disclosure.