The consumer food and beverage giant Universal Robina Corp(URC) announced on Monday that it will venture into the manufacturing of pharmaceutical-grade alcohol amid demand surge as the country battles the coronavirus pandemic.
In a regulatory filing, URC said its board approved an amendment to its secondary purpose to include the production of pharmaceutical-grade alcohol and other similar products. Hand sanitizer and cleaning products are in extremely high demand due to the coronavirus pandemic.
In a disclosure to the stock exchange, the Gokongwei-led company said its Board of Directors approved changes in its articles of incorporation that will allow the firm to engage in the business of producing rubbing alcohol and “other similar products.”
URC is brewing up its own mix of disinfectant alcohol in its facilities to help fight the spread of COVID-19.
In 2012, corporate regulators gave the go-signal for the entry of Universal Robina into ethanol fuel production. Bioethanol, also called ethanol fuel, is a light alcohol produced by fermenting starch or sugar from corn, sugarcane, cassava, or nipa used as a substitute for gasoline.
In the first quarter, the food manufacturing unit of late tycoon John Gokongwei’s JG Summit Holdings Inc. netted P2.1 billion, down 32% year-on-year as growth momentum was hit by the coronavirus pandemic.
Looking forward, Irwin Lee, company president and and chief executive, expects the company to “weather these short-term challenges and emerge even stronger” thanks to its “strong balance sheet and healthy cash position.”
Universal Robina Corporation is listed on the Philippine Stock Exchange as of July 20, 2020, 03:30:00 PM it was last traded at P125.80 per share up +3.97% from its previous closed.
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-Stockbytes PH, July 21, 2020,
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