Converts debt notes into equity
LISTED sugar miller Victorias Milling Company Inc. (VMC) has restructured its maturing obligations by converting existing debt notes into equity shareholdings in the company.
In a disclosure to the Philippine Stock Exchange on Friday, VMC said its board of directors on December 9 approved the increase in its authorized capital stock to P3.042 billion from P2.913 billion previously to accommodate the issuance of an additional 128.81 million common million shares, at a par value of P1 per share, to its note holders or debtors to convert their debt notes into equity.
Under the provisions of its rehabilitation plan and debt restructuring agreement approved by the Securities and Exchange Commission (SEC) in 2000 and 2002, respectively, the following convertible note holders will convert their notes into equity: LT Group Inc., 58.942 million shares; Narra Capital Investment Corp., 43.75 million shares; and Premier Network Intl. Ltd., and 26.117 million shares.
In the same disclosure, VMC said its board also approved the appointment of Minnie O. Chua as deputy chief operating officer of the company, effective immediately.
Incorporated in 1919, VMC is engaged in integrated raw and refined sugar manufacturing as well as in other businesses such as ethanol and potable alcohol production, infrastructure, transportation, telecommunication, mining, water, power generation, recreation, and financial or credit consultancy.