FOOD manufacturer Century Pacific Food Inc. (CNPF) has reallocated P439 million worth of proceeds from its stock debut to build new storage facilities in General Santos City, positioning itself for future growth.
In a disclosure to the Philippine Stock Exchange on Tuesday, CNPF said its board of directors had agreed to carve out this amount from the initial public offering (IPO) to fund the new storage facilities, which expected to be commercial by the first quarter of 2016.
These funds were originally intended for the construction of a tin can factory in General Santos and the completion of a new dairy and mixes plant in Taguig City.
“The above-mentioned factories were partially funded by operating cash, prior to the IPO, in order to fast-track their completion,” the disclosure said.
“Both plants are now currently fully operational. The tin can factory in General Santos was also completed below its expected budget,” it added.
CNPF is seen to grow business by 10-15 percent each year in the next five years, outpacing the country’s economic expansion.