Century Pacific Food taps P500M loan
The Po family’s Century Pacific Food Inc. has secured a P500-million, five-year fixed rate term loan that it will use to partially refinance short-term loans it tapped for the acquisition of Century Pacific Agricultural Ventures Inc., the company said in a disclosure to the stock exchange.
Century Pacific Food, which started out as Century Canning Corp., is the country’s biggest canned foods producer.
Among its brands are Century Tuna, 555, Argentina, Swift, Birch Tree, and Angel among others.
Century Pacific Food acquired 100-percent of Century Pacific Agricultural Ventures Inc. earlier this year for P4.5 billion.
Century Pacific Agricultural Ventures is an integrated coconut producer that started out as a toll packer of coconut water for other companies and as supplier of white copra to industrial users. Its products are certified as organic.
Century Pacific Food aims to capitalize on global health and wellness trends and Century Pacific Agricultural Ventures is expected to bring in long term strategic benefits and additional revenues.
Century Pacific Food reported a net profit of P1.9 billion at the end of 2015, higher than the P1.6 billion it reported in 2014. Its canned and processed fish segment brought in P10 billion in revenues and revenues from tis canned meat business amounted to P7 billion. Its milk segment brought in P5 billion and its tuna exports brought in P5 billion. (By: Eileen A. Mencias)