Po family secures P500M loan
The Po family’s Century Pacific Food Inc. has obtained a P500 million loan to partly fund the purchase of an affiliate engaged in coconut production.
In a stock exchange filing, Century Pacific said the loan has a five-year term with a fixed interest rate.
The loan shall be used to partially refinance short-term loans that were obtained for the acquisition of General Santos-based Century Pacific Agricultural Ventures Inc.
CPAVI operates an integrated coconut facility, whose primary products are organic-certified, and conventuaproduces high-value organic organic-certified and conventional coconut water, desiccated coconuts and virgin coconut oil.
The consolidation of the coconut business into Century Pacific’s boos is seen to boost the company’s earnings by seven to eight percent this year.
Century Pacific president Christopher Po said the global trend towards healthy and organic coconut products was growing rapidly in Europe and the US.
“This is an area where the Philippines has an advantage and can be globally competitive,” Po earlier said.
CPAVI has multi-year agreements with major customers, ensuring sustained revenue growth.