Vitarich equity restructuring gets SEC nod
Poultry integrator Vitarich Corp. obtained regulatory approval to restructure its equity to wipe out its P2.25 billion deficit.
The equity restructuring will allow the company to declare dividends out of its retained earnings.
The quasi-reorganization approved by the Securities and Exchange Commission calls for the decrease in the agribusiness firm’s authorized capital by reducing the par value of shares to 38 centavos from P1.
Owned by the Sarmiento family, Vitarich had a deficit of P2.29 billion as of the end of last year. The amount is higher than the previous year’s P2.42 billion.
The agribusiness firm expects its net income to grow by at least 30 percent this year with the expected completion of new facilities.