The Securities and Exchange Commission (SEC) approved the more than tripling of Victorias Milling Co.’s (VMC) authorized capital stock to P10 billion from P3.04 billion.
VMC, a sugar milling company, said in a disclosure to the stock exchange Wednesday it received the SEC’s approval of capital hike on Aug. 21.
“The purpose for the increase in the company’s authorized capital stock is to raise capital for future business expansion and issue stock dividends,” VMC said.
It said with the approval, its capital stock would increase to P10 billion, divided into 10 billion shares with a par value of P1 per share from P3.04 billion, divided into 3.04 billion shares with a par value of P1 apiece.
The board of VMC approved the proposed capital hike in December 2022 and was approved by the company’s shareholders in February 2023.
VMC reported that in the three-month period ended May 2024, its net income attributable to parent equity holder reached P571.9 million, down 16.4 percent from P684.4 million in the same period last year on lower revenues.
Gross revenues amounted to P3.26 billion, down by 36.8 percent from P5.16 billion in 2023.
The group operates a raw sugar mill with a daily capacity of 15,000 metric tons. It also runs a refinery plant with a daily capacity of 25,000 Lkg.
VMC also produces alcohol and ethanol with an actual daily capacity of 50,000 liters with molasses as the primary raw material. Molasses are sourced from sugar operations which produces it as a byproduct.
The company is also engaged in power generation derived from renewable energy resources for wholesale of electricity to power companies, distribution utilities, electric cooperatives, retail electricity suppliers, aggregators and other customers.
The group had a registered power plant capacity of 70 megawatts as of May 31, 2024.
Other operations of the group include food processing, real estate sales and leasing.
LT Group Inc. of business tycoon Lucio Tan a owns a 26.09-percent stake in VMC.
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