October 16, 2013 9:10 pm
Singapore-based Cofely GDF Suez is set to sign a loan agreement with the Asian Development Bank next week involving $20-million funding, of which $5 million will be used for the company’s investment in the Philippines.
Cofely, an international provider of energy, technical and total facilities services, was also the one that provided First Sumiden Circuits Inc., an electronic firm operating in the Philippines, its chiller system, which helped reduce the firm’s power cost.
Raymond Marquez, general manager of Cofely Philippines, said in an interview with reporters that the loan agreement, which the company intends to use for the installation of its equipment in several companies in Southeast Asia, will be signed with ADB on October 24.
Of the $20 million, $5 million will be used for Cofely’s investments in the Philippines, the bulk of which will be used for the installation of its chilled water and air-conditioning system in the hotels owned by the Waterfront Philippines Inc.
As for the remaining $15 million, Marquez said that it will go through the company’s planned investment in Thailand and Malaysia.
“Bulk [of the investment] is in Thailand, about 60 percent of $15 million,” he added.
According to Marquez, the firm also develops the aforementioned system for large property developers in the country, although he declined to name those firms. source
Madelaine B. Miraflor
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