Pioneer hybrid rice producer SL Agritech Corp. (SLAC) is raising another P2 billion through the issuance of corporate notes that are based on socio-economic benefits.
SLAC chairman Henry Lim Bon Liong said during an investors’ meeting last week the company was the first private corporation issuer of a social finance instrument in the Philippines.
“We are excited for this new offering. We can pursue more expansion and help farmers earn more income using our technology and the products we offer,” he said.
The issuance to be managed and arranged by MIB Capital Corp. will support SLAC’s continuing expansion which has become critical as it pursues Philippines’ food security goals.
SLAC’s financing has obtained the approval of DNV Business Assurance Pty. Ltd., which assured that the funds to be raised will be used for projects with “social” benefits. The funds will be drawn in one or more tranches over three years.