Philippine Digest: Fruitas eyes $39m IPO; Ayala earmarks $3.9b for expansion

Visual from Fruitas' Facebook page

Fruitas Holdings is planning an IPO within the year to raise about Php2 billion while Ayala Corp, one of the country’s biggest conglomerates, is allocating Php200 billion for capital expenditure in 2018.

Fruitas seeks to cash in on food business boom with planned $39m IPO

Food and beverage firm Fruitas Holdings Inc (FHI) is planning to embark on a Php2-billion ($39 million) initial public offering (IPO) within the year, according to a Philippine Star report.

FHI founder and CEO Lester Yu told the Philippine Star that the company seeks to raise funds through an IPO for further expansion, noting the booming growth of the food retail business across the Philippines.

Proceeds from the IPO will be used for network expansion, facilities upgrade, and future acquisitions. The company, which currently has 820 stores nationwide, aims to double its network to about 1,600 stores in three to five years.

FHI carries well-known brands such as Fruitas Fresh From Babot’s Farm, Buko Ni Fruitas, Fruitas Ice Candy, De Original Jamaican Pattie and Juice Bar, Juice Avenue, The Mango Farm, Buko Loco, John Lemon, Black Pearl, Shou, Friends Fries, and Halo-Halo Islands.

Ayala Corp earmarks $3.9b to expand core business, new ventures this year

Philippine conglomerate Ayala Corp is investing up to Php200 billion ($3.9 billion) this year to expand its core business and its newer ventures, the company confirmed in a disclosure to the Philippine Stock Exchange.

The capital expenditure will be funded by the stock rights offerings of Ayala Corp’s subsidiaries – Bank of the Philippine Islands and Integrated Microelectronics Inc.

Ayala Corp is also looking to tap the fixed-income market this year to raise fresh funds, according to Ayala Corp Chief Finance Officer Jose Teodoro Limcaoco.

Ayala Corp is the holding company of the Ayala Group of Companies, with principal business interests in real estate, financial services, telecom, water infrastructure, electronics manufacturing, power generation, transport infrastructure, automotive, international real estate, healthcare and education.

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.