Tanduay completes P300-M infusion in VMC

Tanduay Holdings, Inc. delivered yesterday the remaining P270 million of the P300-million fresh funding to Victorias Milling Co., Inc.

The liquor holding firm owned by taipan Lucio Tan emerged as the winner among three giant firms who bid for the capital infusion to VMC last March 27.

The VMC board of directors will review VMC management’s proposal to utilize the fresh funding for capital expenditures to increase production, improve energy and cost efficiency, and give better services to planters.

VMC, meanwhile, continues to achieve a notable record in milling and refining operations. As of week ending April 6, canes milled have already reached 2,177,213.45 gross tons cane, higher by five percent compared to last crop year’s tonnage. Raw sugar production reached 4,262,970.54 50-kilo bags (LKG), higher by eight percent compared to last year’s production.

Refined sugar production of 4,746,905 LKG, on the other hand, was 22.8 percent higher compared to the production for the same period last year.