Victorias Milling Company Inc. has confirmed with the Philippine Stock Exchange the possible sale of some its assets, including Victorias Foods Corp., and the initial exploratory talks with prospective local buyers.

VMC president Abelardo Bugay made the confirmation in his letter to PSE senior vice president Jurisita Quintos dated Feb. 8, 2006. Bugay signed the letter with compliance and information officer Eva Vicencio-Rodriguez.

The sale of some of VMC's assets is seen to improve its financial position, chairman Omar Byron Mier said in a report, and that they expect to post a profit in two to three years.

Mier also said that the company expects to resume trading of its shares in five to six years.

Following its a near-collapse in 1996, the country's largest sugar refinery was granted a suspension of payments status under the Securities and Exchange Commission and a Management Committee was appointed by the SEC took over management control.

VMC is now under a 15-year Alternative Rehabilitation Plan developed by creditor banks and upheld by the SEC and the Court of Appeals and is going into quasi-reorganization as well as a conversion of debt to equity.

Victorias Foods Corp., a wholly owned subsidiary of VMC, produces the popular Victorias brand Hot Sardines in Oil Spanish Style and Hot Bangus in Oil Spanish Style under its fish lines and luncheon meat under its meat lines as well as the American cooked ham, smoked bacon and Chinese ham.

It was part of VMC's diversification thrust under the Food Processing Project, which went into its pilot operation in 1977,

VFC started operating in 2003 a double "A" rated slaughterhouse facilities for pork and cattle on a joint venture with Negros-based hog and cattle raisers and Manila buyers.*NLG

back to top