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
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.