SLAC to build its biggest rice mill facility
SL Agritech Corp. (SLAC), the biggest hybrid rice producer in the Philippines, is set to build its “biggest” rice mill facility, which will be located in Tarlac, in order to meet the growing demand for its products.
“After [building a facility in] Davao del Sur, we are putting another rice mill in San Victoria in Tarlac. We are negotiating for the property already. It can be completed within the next eight to 10 months,” SLAC chief executive officer Henry Lim Bon Liong said during the listing ceremony of its P2-billion commercial paper issuance.
Lim explained that the company decided to raise funds in order to fund the construction of the said facility as well as pay its maturing debt.
According to him, the cost to build the seven-hectares facility could reach P500 million.
Lim said the facility will double the company’s capacity for hybrid rice seeds production.
“We need to fast track because the demand is getting big,” he further said.