Listed food company Monde Nissin Corp. said Thursday its board approved an equity restructuring to eliminate the deficit that at the end of 2022 total P7.15 billion.
Monde will zero out the deficit by offsetting it against the additional paid-in capital that stood at P45.52 billion. After the equity restructuring, the retained earnings of the company will be reduced to P39.36 billion.
The equity restructuring is subject to the approval of the Securities and Exchange Commission. The deficit was a result of a non-operating non-cash impairment of intangibles.
In April, Monde announced it will book in its 2022 results a non-cash impairment charge of around $370 million against its plant-based meat alternative business,
Monde said the equity restructuring will not involve a change in the par value of its shares nor will it require an infusion of any additional paid-in capital. It will also not affect the number of Monde’s issued, outstanding, or listed shares.
