Fruitas Holdings files for IPO to fund business expansions

MANILA - Fruitas Holdings Inc. on Monday filed for an initial public offering (IPO) worth P1.2 billion with the Securities and Exchange Commission to fund its planned business expansions.

Proceeds from the IPO will be used to fund store network, commissary and food park expansions as well as acquisitions and debt repayment, the company said in a statement.

Fruitas Holdings said it planned to offer up to 533,660,000 primary common shares with an over-allotment option of up to 68,340,000 outstanding common shares at a maximum of P1.99 each.

“We view the potential listing on the Philippine Stock Exchange as part of our growth journey and are excited to have taken the first step by filing our registration statement," said Fruitas President and CEO Lester Yu.

BDO Capital Investment Corp. and First Metro Investment Corp. have been appointed as joint issue managers, joint bookrunners, and joint lead underwriters for the offering, the company said.

The offer period is intended to run from Nov. 18 to Nov. 22 and is subject to regulatory approvals, the company said. Target listing is end of 2019, Fruitas Holdings said.

The company has over 20 brands under its portfolio and 949 stores as of June 2019.


-- with a report from Michelle Ong, ABS-CBN News

source: news.abs-cbn.com

Alliance Select eyes to sell P1-B worth of salmon this year

MANILA -- Alliance Select Foods International Inc. expects to rake in at least P1 billion from sales of its salmon subsidiaries following a capacity expansion at its unit Akaroa Salmon NZ Ltd.

In a disclosure to the stock exchange, the food company said the recent expansion is expected to have a "significant boost" to growth and profit margins.

Akaroa Salmon is pouring funds for new infrastructure meant to double production from year-ago levels, the disclosure stated.

"The extra output from this expanded capacity will enable Akaroa to further make its mark locally in New Zealand and internationally. Akaroa's salmon is considered the benchmark in the Kiwi salmon industry and the company is confident that there is a strong demand for their unique brand of Chinook salmon."

Alliance Select, while best known for its tuna canning operation, has also ventured into fishing, salmon processing and aquaculture businesses.

source: www.abs-cbnnews.com