9. Former name or former address, if changed since last report
-
10. Securities registered pursuant to Sections 8 and 12 of the SRC or Sections 4 and 8 of the RSA
Title of Each Class
Number of Shares of Common Stock Outstanding and Amount of Debt Outstanding
Common
2,613,240,320
11. Indicate the item numbers reported herein
Item 9
The Exchange does not warrant and holds no responsibility for the veracity of the facts and representations contained in all corporate disclosures, including financial reports. All data contained herein are prepared and submitted by the disclosing party to the Exchange, and are disseminated solely for purposes of information. Any questions on the data contained herein should be addressed directly to the Corporate Information Officer of the disclosing party.
Victorias Milling Company, Inc.VMC
PSE Disclosure Form 4-13 - Clarification of News Reports References: SRC Rule 17 (SEC Form 17-C) and Section 4.4 of the Revised Disclosure Rules
Subject of the Disclosure
Clarification on News article posted in BusinessMirror (Internet Edition) on January 24, 2017, stating that: "VMC set to build cogeneration biomass power plant in Negros Occidental".
Source
BusinessMirror
Subject of News Report
“VMC set to build cogeneration biomass power plant in Negros Occidental”
Date of Publication
Jan 24, 2017
Clarification of News Report
Clarification on news article posted in BusinessMirror (Internet Edition) on January 24, 2017, stating that:
“VICTORIAS CITY, Negros Occidental—Listed sugar milling firm Victorias Milling Co. Inc. (VMC) is keen on completing a P2-billion, 40-megawatt (MW) cogeneration biomass power plant by September this year.
The plant is currently being constructed within the VMC’s headquarters here and expected to run mainly on bagasse, a byproduct of sugarcane after being processed to extract sugar.
‘We will be able to export to the grid about 25 MW while the remaining 15 MW will be for own use. We are also applying this under FiT [feed-in-tariff],’ VMC President and COO Eduardo Concepcion said during a news briefing on January 23. . . . .
‘If things go right, we can construct Phase 2 [of the biomass plant]. Same capacity, but the power exported [to the grid] will be just 20 MW. Part of the power from Phase 2 will electrify the turbines to convert them to use electric power so that steam from the sugar mill will be concentrated on the power plant to maximize power generation we will use to run the mill,’ Concepcion said. . . . .
Concepcion added that they already signed an agreement with Wuxi Huaguang Electric Power Engineering to become the supplier of the boiler for their biomass project.
VMC is also upgrading its distillery to be able to produce bioethanol by converting potable alcohol, VMC Chief Manufacturing Officer Linley Retirado said. . . . .
He added that the upgrade will likely cost around P50 million to P80 million. Bulk of investment will be spent on the installation of a dehydrator to enable the conversion of potable alcohol to bioethanol.
Retirado said the upgrade of the distillery’s current capacity of 30,000 liters would increase the production to 50,000 liters per day of potable alcohol. Once converted, the volume translates into an estimated annual production of as much as 8.3 million liters of bioethanol, Retirado added. . . . .”
In response to the request of the Exchange for clarification and/or confirmation of the above-quoted news article, the corporation states as follows:
1. The biomass power plant is now on its construction phase. Projected start of operation is within next crop year. Crop year starts every September.
2. The mention of the Phase 2 of the biomass plant is part of the long-term vision of the corporation.
3. The corporation denies having mentioned about signing an agreement with Wuxi Huaguang Electric Power Engineering. Neither did it sign an agreement with the said supplier;
4. On the distillery operations, the corporation clarifies that the upgrade of plant facilities with the installation of the dehydrator is for the production of bioethanol of 50,000 liters per day and not the conversion of potable alcohol to bioethanol.
The investment cost of about P50 million to P80 million is part of the current crop year’s capital expenditure of around P300 million, as previously clarified.
Victorias Milling Company, Inc.VMC