Stock Information

VMC | VICTORIAS MILLING COMPANY, INC.

Sector: INDUSTRIAL | Sub-Sector: FOOD, BEVERAGE & TOBACCO

Victorias Milling Company, Inc. (VMC) was incorporated on May 7, 1919 to engage in integrated raw and refined sugar manufacturing as well as to operate engineering services. VMC's sugar plant facilities are located in Victorias City, Negros Occidental. On July 3, 2013, the Securities and Exchange Commission (SEC) approved the inclusion of ethanol and/or potable alcohol production, infrastructure, transportation, telecommunication, mining, water, power generation, recreation, and financial or credit consultancy in the Company's business purposes.

On July 4, 1997, VMC filed with the SEC a petition for the Declaration of Suspension of Payments, for the Approval of a Rehabilitation Plan, and the appointment of a Management Committee. Pursuant to the approved Rehabilitation Plan, VMC and the creditor banks executed a debt restructuring agreement on April 29, 2002. VMC plunged into several strategic initiatives to attain financial health, sustain its operations and pay off its debts. Thus in 2013, more than five years ahead of schedule, the Company was able to pay all its remaining balance of the restructured loan as well as the interests accruing thereon. VMC likewise converted its convertible notes in accordance with the conversion periods as stated in the debt restructuring agreement. In 2014, the Company fully redeemed the remaining notes held by original noteholders.

The Company has since diversified and formed Victorias Foods Corporation; Victorias Agricultural Land Corporation; Victorias Green Energy Corporation; Canetown Development Corporation; Victorias Golf and Country Club, Inc.; and Victorias Quality Packaging Company, Inc. Through these, VMC improves its expertise in the areas of food processing, leisure, real estate, and energy generation.

Source: SEC Form 17-A (2024)