Pan Pacific Group announces business targets, share issuances, and a change in name.
The shareholders meeting of the Pan Pacific Group in late April resulted in major strategic changes being made to the corporation’s plans. There were four main points on the agenda: targets for 2015, stronger investment in food, the issuing of shares, and a change to the corporation’s name.
It set a revenue target of $117.19 million for 2015, a 12 per cent increase compared to recorded revenue in 2014. The profit after tax target was set at $11.58 million, 56 per cent higher than in 2014. The dividend payout in 2015 is to be 10 per cent; the same as in 2014.
The shareholders meeting also approved plans to increase Pan Food’s charter capital from $4.632 million to $46.32 million, to be achieved by issuing 90 million common shares at a price of $0.4632 each. PAN will buy all 90 million shares for $41.688 million.
The group has also decided to issue 16,628,749 shares to existing shareholders to increase its charter capital. It will also issue 1 million shares to employees. All of these shares are also $0.4632 each.
Pan Pacific Group also decided to change its name to the Pan Group JSC.