Vitarich Corp. said its board has approved the renewal of contracts to buy from Luzon Agriventure Inc. (LAVI), a related party, feeds to raise breeder chickens for the production of hatching eggs.
Vitarich will then purchase these eggs from LAVI for its operations. The approval also encompasses any amendments or extensions to the existing contracts.
Reynaldo Ortega, Vitarich senior vice president and chief operating officer, along with senior vice president and chief supply chain officer, Ms. Alicia G. Danque, were given the authority to execute the agreement.
This transaction is being disclosed as its value may reach the materiality threshold of 10 percent of Vitarich’s total consolidated assets as per its latest audited financial statement.
The contract’s full terms and conditions will be disclosed in an advisement report within three days of execution.
This strategic move is expected to strengthen Vitarich’s feed supply chain and hatching egg procurement for future growth.
