Fruitas Holdings, Inc. plans to use part of its one-time gain from selling existing shares in subsidiary Balai ni Fruitas, Inc. to fund its latest acquisition, Ling Nam Wanton Parlor and Noodle Factory. READ:
In a disclosure on Monday, Fruitas said the sale of the Balai shares “will result in an increase of its equity.” It added that at the Fruitas level, proceeds “will be deployed into new strategic initiatives, including the acquisition” of Ling Nam.
“The IPO proceeds and the company’s strong cash generation from our operations will allow us to aggressively grow our business,” Balai ni Fruitas, Inc. President and Chief Executive Officer Lester C. Yu said. For the first quarter of 2022, Balai posted revenues of P60.6 million and a net profit of P6.4 million, which it said were 41% and 75% of expected full-year 2021 levels, respectively.
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