BY UNICAPITAL SECURITIES
Century Pacific Food, Inc. (CNPF) said its board has reallocated PHP 439 million out of the PHP 3.16 billion raised from the company’s IPO for use in the construction of new storage facilities at its main production complex in General Santos City.
The new facilities are expected to start operating in the first quarter of next year.
The PHP 439 million originally had been earmarked for the construction of a tin can factory in General Santos and for the completion of a new dairy and mixes plant in Taguig City.
According to Century Pacific, the two factories however had been completed using operating cash.