Acquisition, re-integration, and partnership between two banks are some of the significant updates in the local business scene in the Philippines.
Zest-O acquiring US fruit juice firm
Gearing to enter the US market, Philippine-based ready-to-drink fruit juice maker Zest-O Corp is reportedly buying a fruit juice manufacturing facility in the state of Texas.
Yao Group of Company chairman Alfredo M. Yao told the local media that aside from buying a fruit juice making facility, Zesto will create a wholly-owned US-based subsidiary.
The company also has pending expansion plans in Thailand and Myanmar.
Zesto has been in the local market for almost 35 years. Among its popular products are Zesto Juice Drink, Choc-O, Zesto Slice, Quickchow, Beam, and Zesto Fruit Soda.
Vitarich to re-integrate subsidiary
Vitarich Corp, a maker of feed, farm, and food products in the Philippines has approved the re-integration of Gromax Inc, its former division engaged in feed production.
The re-integration, set on April 1, 2015, is aimed to revive Vitarich’s feed production business.
Gromax began manufacturing and distribution of animal health and nutritional products in 1995 and later became a separate entity.
Vitarich’s last traded price was at P0.73, up by 1.39 per cent or P0.0100 to yesterday’s P0.72.
PBB taps China Bank, enters Renminbi market
Listed-savings bank Philippine Business Bank (PBB) has signed an agreement with the Bank of China Manila branch, joining a roster of local banks in the domestic RMB market or Renminbi Transfer System.
The financial arm of Yao Group of Companies, PBB believes the bank can help its clients to tap the benefits presented by the continued internationalisation of RMB and the liberalisation of China’s RMB Cross Border Settlement Scheme.
PBB now serves as the 12th bank in the Philippines offering renminbi denominated products and services
“PBB is pleased to offer a gamut of Renminbi products to the Philippine market, from savings account, time deposit, loan, remittance and trade financing,” said PBB senior vice president and treasury head Jay Cabalde.
PBB in its statement said it is only appropriate that the Philippines would have a safe and efficient payment and transfer service for Renminbi, given the magnitude and importance of the country’s transactions with China.
PBB cited statistics from China’s Ministry of Commerce which showed China and the Philippines bilateral trade volume exceeded $38 billion in 2013. China now has become the third largest trade partner of the Philippines, accounting for 14 per cent of the total trade as on July 2014.
ln terms of imports, China was the Philippines’ biggest source as it accounted for 13.01 per cent of all shipments in 2014, government data showed.
PBB’s last traded price went up by 0.54 per cent or P18.50 to yesterday’s P18.40.