P93.302 million from P40.838 million from the corresponding six-month period in 2016.
Vitarich’s top five highly compensated executives are Ricardo Manuel M. Sarmiento, - nie Nicole S. Garcia, executive vice president, corporate service management director and treasurer; Joven P. Dy, senior vice president for poultry and foods operations; Guillermo B. Mirallles, vice president for national feeds sales and production; and Reynaldo D. Ortega, vice president and general manager for poultry and foods division.
- - ecutives as a group P5.4 million in 2015 and P10.9 million in 2016. It estimated the group’s compensation for 2017 at P14.5 million.
“All other officers and directors as a group unnamed” at Vitarich were paid P1.1 million in 2015 and P0.8 million in 2016. This year, they are expected to receive the same amount of pays and perks of P1.1 million which they got in 2015.
it paid its 823 employees P112.81 million in 2016; P132.321 million in 2015; and P75.131 million in 2014.
As of Sept. 30, 2017, Aboitiz Equity Ventures Inc. ( AEV) reported 5.695 billion issued common shares, of which 60,807,064 are treasury shares, leaving the company with 5,633,792,557 outstanding common shares.
P521.132 million as “treasury stock at cost,” which would translate to an acquisition price of P8.57 per share.
At AEV common shares’ closing price of P72.10 per share, the 60.807 million treasury shares of Aboitiz Equity had paper value of P4.384 billion. This would translate to a paper gain of P63.53 per share (P72.10 minus P8.57 = P63.53) and a total paper gain of P3.863 billion from treasury shares.
SOLID Group Inc. ( SGI) said it had 209.433 million treasury shares as of Sept. 30, 2017, out of the company’s 2.031 billion issued shares. The treasury shares were equivalent to 11.495 percent of 1.822 billion outstanding SGI common shares.
“treasury shares at cost” of P115.614 million, or P0.552 per share.
At SGI’s closing price of P1.46 on Nov. 13, the company scored a paper gain of P1.048 per share, or a total of P219.486 million from 209.433 million treasury shares.
Due Diligencer’s take
Vitarich has readied a quasi-reorganization - cit, which, as of Dec. 31, 2016, amounted to P2.417 billion. It has yet to detail how it would erase these accumulated losses over the years.
The company, which is based in Marilao, Bulacan, produces animal feeds and also sells dressed chicken, among a number of products.
Apparently, the Sarmiento-controlled Vi
Given the lack of details about Vitarich’s quasi-reorganization plan, Due Diligencer is making some guesses.
Since Vitarich’s equity is in positive territory— P870.012 million— it needs P1.547 billion as of Dec. 31, 2016. To do this, it plans to reduce the par value of its capital stock. It has 2.786 billion outstanding common shares.
Vitarich should not make the public stockholders sacrifice so much of their money. The reduction to P0.70 per share from P1 par value of Vitarich’s outstanding common shares should be more than enough to erase company’s 2.786 billion outstanding common shares would be equivalent to P1.951 billion.
By adding to that the reported additional paid- in capital of P224.547 million and other comprehensive income of P276.012 million, the sum of P2.451 billion would even leave Vitarich with reduction surplus of P34.062 million.
How about the managers and executives of Vitarich? What could they be cooking inside the boardroom? Just asking.