The management committee of Victoria Milling Co. Inc. has created a bidding committee to oversee the auction of 53.35 percent of the company's capital stock.
The VMC mancom informed the Securities and Exchange Commission that it has named three company officials as members of the bidding committee; Gerardo B. Anonas as chairman; and VMC chairman Manuel B. Mañalac and Prof. Gavino C. Jacinto Jr. as members.
The bidding committee will act as a sub-committee of the mancom and was authorized to oversee the actual implementation of the bidding guidelines and of any directive of the mancom with regard to the bidding of the 53.35-percent capital stock of the company.
So far five big groups, including the Gokongwei and the Yuchengco families, have expressed interest in bidding for VMC.
Earlier, the VMC mancom disclosed to the Securities and Exchange Commission that JG Summit Holdings Inc. of Filipino-Chinese business tycoon John Gokongwei Jr., the Yuchengco family's RCBC Capital Corp., Jose Mari Chan's Binalbagan Isabela Sugar Co. or Biscom; Cargill Philippines Inc. and Alliance Global Inc.
VMC will be auctioning 567 million shares to raise P567 million in fresh capital for the firm. The winning bidder will secure a 53.35-percent majority stake in the firm, leaving existing shareholders with a minority stake.
The VMC mancom will announce the list of qualified bidders on Feb. 8.
The SEC earlier approved the amended rehabilitation plan in its entirety, just in time for the coming for the coming milling season.