CURRENT REPORT UNDER SECTION 17 OF THE SECURITIES REGULATION CODE AND SRC RULE 17.2(c) THEREUNDER
1. Date of Report (Date of earliest event reported)
Jul 27, 2023
2. SEC Identification Number
C-241
3. BIR Tax Identification No.
000-066-723
4. Exact name of issuer as specified in its charter
BOGO-MEDELLIN MILLING CO., INC.
5. Province, country or other jurisdiction of incorporation
MANILA, PHILIPPINES
6. Industry Classification Code(SEC Use Only)
7. Address of principal office
LUY-A, MEDELLIN, CEBUPostal Code6012
8. Issuer's telephone number, including area code
032-436-2093
9. Former name or former address, if changed since last report
N.A
10. Securities registered pursuant to Sections 8 and 12 of the SRC or Sections 4 and 8 of the RSA
Title of Each Class
Number of Shares of Common Stock Outstanding and Amount of Debt Outstanding
COMMON SHARES
6,000,000
11. Indicate the item numbers reported herein
SEE ATTACHMENT.
The Exchange does not warrant and holds no responsibility for the veracity of the facts and representations contained in all corporate disclosures, including financial reports. All data contained herein are prepared and submitted by the disclosing party to the Exchange, and are disseminated solely for purposes of information. Any questions on the data contained herein should be addressed directly to the Corporate Information Officer of the disclosing party.
Bogo-Medellin Milling Company, Inc.BMM
PSE Disclosure Form 4-13 - Clarification of News Reports References: SRC Rule 17 (SEC Form 17-C) and Section 4.4 of the Revised Disclosure Rules
Subject of the Disclosure
CLARIFICATION OF NEWS REPORT
Source
Business World Corporate News
Subject of News Report
Supply Shortage Forces Bogo-Medellin to halt milling operations.
Date of Publication
Jul 27, 2023
Clarification of News Report
Clarification Regarding News Article on BOMEDCO's Milling Operations
This is to clarify certain inaccuracies in the recent news article published by Business World Online on our milling operations. We would like to dispel any misconceptions and provide accurate information to the public.
Firstly, it is important to note that the milling season of BOMEDCO typically commences between October to December each crop year. As for crop year 2022-2023, the company had indeed planned to conduct milling operations. In preparation for this, we successfully conducted a trial run to ensure seamless milling operations. However, due to the sugar planters' insufficient delivery of canes in a timely manner relative to our rated capacity of 2,500 tons as reported, which will render the mill operations inefficient. Consequently, we made the decision to suspend milling operations starting January 2023, not August 2022, solely due to insufficient delivery of sugar cane. It is crucial to clarify that while the milling operations have been temporarily suspended, the rest of the company's farming and agricultural services are ongoing.
Secondly, the claim made by the SRA Administrator Paul Azcona regarding the transportation of our sugar canes over Negros for milling is correct. As a matter of fact, our sugar canes are currently being prepared in time for the start of the milling season scheduled for September 2023. We are diligently working on ensuring the efficient processing of our sugar canes in line with the upcoming milling season.
Thirdly, our management is actively pursuing measures to address the insufficient delivery of canes and devising strategies to overcome this challenge. We assure the public that this is a temporary concern that we intend to address in due time. While we are currently facing a unique situation, we want to emphasize that BOMEDCO remains fully operational in all other aspects of our business.
We kindly request that these clarifications be made known to the general public. It is essential to us that accurate information about our company's operations is disseminated to avoid any misunderstanding or misinformation.
Bogo-Medellin Milling Company, Inc.BMM