Century Pacific Food taps P1.15-B loan
The Po family-controlled Century Pacific Food Inc. has tapped a P1.15-billion, five-year fixed term loan.
In a disclosure to the stock exchange, Century Pacific Food said the loan will be used to partially refinance short term loans it incurred when it bought Century Pacific Agricultural Ventures Inc., an integrated coconut producer that started out as a toll packer of coconut water for other companies and supplier of white copra to industrial users.
Century Pacific Food is the country’s biggest canned goods producer. Its brands include Century Tuna, 555, Argentina, Swift, Birch Tree, and Angel.
The company said P1.65 billion of its loans were converted into fixed term loans although P600 million of its debt remains short term.
Century Pacific Food bought 100 percent of Century Pacific Agricultural Ventures for P4.5 billion.
Century Pacific Food aims to capitalize on global health and wellness trends with its acquisition of Century Pacific Agricultural Ventures as its products are certified organic.
Century Pacific Food reported a 45-percent jump in net income in the first quarter of the year to P636 million which it attributed to strong local demand for its branded products, subdued prices of key raw materials, and the consolidation of Century Pacific Agricultural Ventures. (By: Eileen A. Mencias)