In a disclosure filed with the stock exchange on Tuesday, the firm said its board of directors gave the go signal for a maiden bond offering this 2021, targeting to issue ₱3 billion to ₱5 billion of bonds with a tenure of three to five years. "With interest rates still remaining low, we believe it’s an opportune time to tap the debt market.
Proceeds will be allotted for its expansion project in Tanauan, Batangas. Construction works started in late 2018, it said, adding that the facility may be completed by end-2021. Lao previously said the ₱8-billion facility will more than double D&L's capacity, allowing the group to boost its presence in the world export market.
"It will mainly cater to D&L’s growing export business in the food and oleochemicals segment. It will add the capability to manufacture downstream packaging, thus allowing the company to capture a bigger part of the production chain," D&L said. Its profit last year fell by 23% to ₱2.01 billion from the ₱2.62 billion posted in 2019 as the food sector felt the impact of the lockdown.
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