Hybrid rice producer SL Agritech Corp. listed Wednesday its P1.866-billion Series O commercial paper at Philippine Dealing and Exchange Corp., marking its 22nd return to the trading floor.
SL Agritech chairman Henry Lim Bon Liong said the proceeds from the issuance would partly cover the company’s strategic plan to increase hybrid rice and hybrid seed production in support of the government’s rice self-sufficiency program.
“We learned our lessons from COVID-19, and we prepare ourselves to battle the next. We at SL Agritech Corp. are preparing to respond to the demand for food, especially since rice is inelastic,” he said at the launch of the commercial paper issuance.
The company will acquire state-of-the-art technology and equipment for its new rice processing plant in Tarlac. The processing plant is expected to start operations by early 2022.
The new plant will capacitate the company in doubling rice production to address the growing demand for rice.