June 6, 2012
Vitarich seeking for new investors
Philippine poultry integrator and feed producer Vitarich Corporation is to triple its authorized capital to make way for the possible entry of new investors, a disclosure to the Philippine Stock Exchange showed on June 5.
Following a special meeting last week, the company's board approved to increase Vitarich's authorized capital stock to PHP1.5 billion (US$34.17 million) from a previous PHP500 million (US$11.57 million), the disclosure read.
"The increase, if approved by the stockholders, will allow flexibility in case the corporation finds 'white knight' investors," the firm said without citing specifics.
In the meantime, the proposed capital increase will be up for approval at Vitarich's annual stockholders meeting to be held in Marilao, Bulacan on June 29.
Vitarich has been under corporate rehabilitation since 2006 because of difficulties in paying over PHP3billion (US$69.42 million) worth of loans, earlier reports showed.
The Metropolitan Bank & Trust Co. acquired 97 million shares of Vitarich in 2010 -- equivalent to a 23.7% stake in the company -- as collateral for an earlier debt.
Vitarich further disclosed that 44 of its nationwide finance staff availed themselves last Friday of the company's early retirement programme.