Vitarich to relaunch feeds line

MANILA, Philippines - Animal feeds and livestock producer Vitarich Corp. plans to beef up its consumer foods business and relaunch core products this year to spur growth and bring revenues close to pre-crisis levels.

The listed firm’s impending exit from a seven-year corporate rehabilitation program will boost customer and client confidence in the company, a top company official said yesterday.

“The company is gearing up for growth as we get out of corporate rehabilitation,” Ricardo Manuel M. Sarmiento, chief operating officer and executive vice president of Vitarich, said in a briefing.

He said the company will relaunch core offerings such as hog, aqua and poultry feeds while new food products that include golden cream dory will be introduced to the market later this year.

The expansion program comes after global investment firms ADM Capital and Altus Capital partnered to invest on the rehabilitation and turnaround of the company through special purpose vehicle Kormasinc Inc.

Vitarich is conducting a P2.38-billion debt-to-equity conversion, allowing Kormasinc  to own roughly 80 percent of outstanding shares.

Vitarich’s exit from corporate rehabilitation in September “will provide confidence for customers, clients and business partners, and even banks will be interested now,” Sarmiento said.

He said the company will work towards hitting the P5-billion sales mark in the next few years, a performance last seen prior to the corporate rehabilitation.