Posted on 15 Aug 2016
SIICGM Development Ltd. is beefing up its presence in the Philippines through its partnership with local steel company Mannage Resources Trading Corp. (MRTC) given bullish prospects on the infrastructure boom in the Philippines.
The company said it would increase the volume and rebar size offerings as it positions to become a major supplier of high quality but affordable steel products in the Philippines.
“We’re happy to be part of the Philippines’ infrastructure development. SIICGM, in partnership with a group of dynamic Filipino entrepreneurs, wants to be an aggressive and socially-responsible player in the local steel industry,” the company statement said.
The partnership of SIICGM and MRTC has started importing 12mm weldable rebars from China last March as it seeks a slice of the lucrative market for reinforcing steel bars used for buildings, roads, housing and other infrastructure projects.
With the global experience and financial muscle of its parent company, SIICGM and its local partner MRTC are bullish on their new venture.
The Hong Kong-based SIICGM is a subsidiary of SIIC Shanghai International (Group) Co. Ltd., a conglomerate engaged in various businesses from minerals to consumer goods.
The company turned over $1.5 billion in products in 2015.
Aside from steel, SIICGM is also looking at other investment opportunities in the Philippines.
“We started with steel but we’re open to other potential investment areas, especially under the new administration of President Duterte,” the company said.
“We’re happy to be SIICGM’s partner in importing steel bars that meet international and local quality and safety standards,” said MRTC president Lawrence Sy.
Last March, MRTC imported some 5,000 metric tons of 12mm Grade 275 weldable deformed steel bars.
Moving forward, Sy said the company would increase MRTC’s succeeding shipments, particularly the volume and variety of rebar sizes to cater to their customers’ diverse needs.
