Swift sells Pasig lots to pay down debt

MANILA, Philippines - Concepcion-led Swift Foods Inc. is selling three parcels of land located in Pasig City for P267 million.

In a disclosure to the Philippine Stock Exchange, Swift said its board has authorized the sale of a 25,422-square meter property at the Manggahan Light Industrial Park.

Swift said proceeds from the sale will be used to settle obligations to various creditors.

The company earlier said it planned to sell its remaining operating branch and other properties within the next 12 months to pare down debt.

Only the Palawan branch remains as the only company-operated facility.

Swift said its primary concern is to pay off obligations through the sale of assets. Aside from this, the company also intends to significantly whittle down the number of its employees when the remaining branch is sold.

The company is primarily organized into two business divisions: agribusiness (poultry and feeds) and meat (meat processing and sales & distribution) divisions. Its agribusiness division produces and sells poultry products, live and dressed/ processed chicken.

Swift’s poultry production involves four processes: breeding, hatching, broiler growing operations and dressing/processing operations.

Last March, Swift raised around P500 million from the sale of three parcels of land on Sheridan St. in Mandaluyong City to DMCI Project Developers Inc. The properties, which had a total area of 11,116 square meters, were sold at P45,000 per square meter.