Pacifica increasing capital to P5b as it expands to food
Pacifica Inc., a former mining and oil company, said it plans to increase its authorized capital stock to P5 billion as it continues to evaluate prospects in the food or retail industries.
Pacifica said in a disclosure to the stock exchange the proposed increase in the company’s authorized capital stock would be done in tranches. The proposal will be presented for shareholders’ approval.
“The company is assessing the timing of its commitments with potential partners vis-à-vis the timing of the implementation of the increase in the authorized capital stock to maximize any return on investment, taking into consideration the current and projected business climate,” Pacifica said.
The company said it continued to conduct market studies to evaluate particular assets in the food or retail industries, and in other industries with positive growth outlook, which could generate revenue for the company.
“The company has not yet arrived at a final decision as to which assets shall be acquired or bidded for by the company,” it said.
The group of businessman Lowell Yu, who owns fast growing restaurant chain Kuya J and membership shopping chain Landers, acquired a majority interest in Pacifica in February.
Yu, through Unido Capital Holdings acquired a 36.52-percent stake in Pacifica held by 9th Kingdom Investments Corp. and Mikro-Tech Capital Inc. of businessman Michael Romero.
Combined with the shareholding of iHoldings Inc., which is also controlled by the same shareholders of Unido Capital, the group of Yu now has a controlling 64.17-percent stake in Pacifica.
Yu also heads various companies including iKitchen Inc. which operates restaurants under the Kuya J brand.
Pacifica was incorporated on Sept. 2, 1957 to engage in the exploration, drilling and exploitation of oil, gas and other volatile substances. In 2007, the company redirected its focus to the exploration, operation, management and marketing of mining claims.
The company has not commenced commercial operations as a mining company.