Fruitas’ bakery unit eyes P309-M INITIAL PuBLIC Offer

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FRUITAS Holdings Inc. said Monday its unit Balai ni Fruitas Inc. would file a registration statement with the Securities and Exchange Commission for an initial public offering. Balai is seeking to raise some P309 million for its store network expansion, commissary setup and future acquisitions, Fruitas Holdings said in a stock exchange filing. The firm said the IPO involves the issue of 325 million primary common shares. The board also approved the selling of up to 50 million secondary common shares. It has an over-allotment option of up to 37.5 million secondary common shares with the maximum price set at P0.75 per share. “Given the significant growth prospects of the bakery sector, distinct from the kiosks within Fruitas Holdings, we decided to undertake an IPO for BALAI,” said Fruitas president and CEO Lester Uy. Balai earlier acquired assets of Balai Pandesal Corp. It has increased the total Balai Pandesal outlets to 23 as of the end of September, it said. (PR)

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