Monday, July 10, 2006
Victorias posts P1-B cash flow
By Erwin Ambo S. Delilan
THE Victorias Milling Company (VMC), one of the giants in the sugar industry in the country, posted around P900 million to P1 billion in cash flow.
It is aimed at settling its debts until next year, including the interest payment for this year amounting to P360 million.
Next year, the VMC's principal debt including interest will range from P700 million to P800 million.
Omar Byron T. Mier, VMC chairman said in the corporate statement that he foresees that VMC will have a lot of opportunities coming up soon.
Mier though said that trading of VMC shares will resume five to six years from now pending rehabilitation.
Just recently, VMC said in a statement that all of its obligations to the Bank of the Philippine Island Group of Companies have been sold already to Asset Pool A (SPV-AMC) Inc.
This as VMC is currently undergoing the final stage of its rehabilitation.
Further, the statement says, "the VMC, during its June 30, 2006 meeting, was informed that the BPI and the BPI-AMTG have sold all their rights, titles and interests in and to the loans of the VMC, including all the collaterals, security interests, mortgages and similar rights and privileges related to such loans, in favor of Asset Pool A."
Also VMC said that Deutsche Bank AG London has acquired the 36,88,836 shares of the company.
Last year, business tycoon Lucio Tan had also infused P300 billion in fresh capital for VMC.
(July 10, 2006 issue)
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