Universal Robina Corporation Announces a Joint Venture with Greencycle Innovative Solutions, Inc. (Greencycle)

Universal Robina Corporation (URC) has agreed to enter into a joint venture with Greencycle for waste management which includes the collection, treatment, recovery, and processing of plastic wastes.

The Parties intend to incorporate a joint venture company (JVCo.), subject to their being able to secure the approval of the Securities and Exchange Commission on its incorporation. Subject to receipt of relevant government approvals and issuance of the necessary permits/licenses, the JVCo is targeted to start commercial operations in September 2024.

Through the joint venture, the parties aim to formulate an integrated operation or ecosystem that incorporates the reduction of plastic waste through collection, treatment and processing of waste materials and convert it into reusable or recyclable products.

The initial paid in capital of the JVCo. is Php27,000,000.00

The parties will have an ownership ratio of 75%-25% in the JVCo., with URC owning 75%. Such ownership ratio shall be maintained for all types of financial capital undertakings.

The JVCo. shall form part of the strategies by the Issuer to comply with its obligations under the RA No. 11898 otherwise known as the “Extended Producer Responsibility Act (EPRA) of 2022.” There is no material effect on the business, financial condition, and operations of the Issuer.

​Greencycle Innovative Solutions, Inc. is in the business of waste management, recycling, and other activities aimed at helping corporations, local government units, and other entities with waste diversion through the processing and conversion of waste products into viable energy sources or materials and plastic neutrality programs consistent with Republic Act No. 11898, otherwise known as the Extended Producer Responsibility Law (EPR Law).​
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Universal Robina Corporation (URC) is one of the largest branded consumer food and beverage product companies in the Philippines. The company has a significant, and growing presence in the ASEAN. It is among the Philippines' pioneers in the industry. It has been operating for over 50 years since Mr. John Gokongwei, Jr. established Universal Corn Products Inc. in 1954, a cornstarch manufacturing plant in Pasig City.

URC is engaged in an array of food-related businesses, including the production and distribution of branded consumer snack foods and beverages; commodities such as sugar and flour; and agro-industrial businesses mainly hogs, animal feed, and other related products.