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Vitarich board clears tripling capital to P1.5 billion

InterAksyon.com
The online news portal of TV5

MANILA - Vitarich Corp. told the bourse its board approved to triple its authorized capital stock from P500 million to P1.5 billion.

"The increase, if approved by the stockholders, will allow flexibility in case the corporation finds 'white knight' investors," said Vitarich in a disclosure.

The capital stock hike will be presented to stockholders for their approval during its annual meeting on June 29.

Vitarich has been under corporate rehabilitation since 2006 because of problems in paying off P3.23 billion in debt to various creditors.

In 2006, a foreign and local firm has expressed interest in investing in the financially troubled company.

The Asian financial crisis of 1998 and the avian flu outbreak in 2003 weighed heavily on Vitarich's finances.

Vitarich is engaged in the production and distribution of various poultry products such as live and dressed chicken, day-old chicks and animal and aqua feeds, among others.