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Fruitas Holdings subsidiary Balai ni Fruitas eyes P309 million initial public offering

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ABS-CBN News

<p>MANILA - 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.</p><p>Balai is seeking to raise some P309 million for its store network expansion, commissary setup and future acquisitions, Fruitas Holdings told the stock exchange.</p><p>The IPO involves the issue of 325 million primary common shares, it said. </p><p>Also approved by the board was 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.</p><p>&quot;Given the significant growth prospects of the bakery sector, distinct from the kiosks within Fruitas Holdings, we decided to undertake an IPO for BALAI,&quot; said Fruitas President and CEO Lester Uy</p><p>&quot;This will provide BALAI its own resources to take advantage of the opportunities presented to it,” he added.</p><p>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. </p><p>Its products are now available through Babot&#x27;s Mart, Fruitas Group&#x27;s online delivery portal.</p><p>Fruitas Holdings said Balai is eyeing to expand to 100 Balai Pandesal outlets by end of 2022 and 150 by the end of 2023.</p><p>Balai&#x27;s IPO is subject to the compliance of requirements set by the SEC and the Philippine Stock Exchange.</p><p>Planned offer period is in March 2022 with the target PSE on the SME board before the end of the first quarter next year, Fruitas said. </p><ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/business/12/10/20/fruitas-targets-growing-market-of-health-conscious-filipinos-launches-milk-brand">Fruitas targets growing market of health-conscious Filipinos, launches milk brand</a></li>	<li><a href="https://news.abs-cbn.com/business/02/01/21/fruitas-secures-40-branch-locations-says-on-track-to-meet-100-stores-goal-by-2021">Fruitas secures 40 branch locations, says on track to meet 100 stores goal by 2021</a></li></ul><div><strong>FROM OUR ARCHIVES:</strong></div><figure class="op-interactive"><iframe allow="autoplay; fullscreen" frameBorder="0" height="100%" id="ivsplayer01" scrolling="no" src="https://player.ivideosmart.com/ivsplayer/v4/dist/html/iframe-src.html?iframeid=ivsplayer01&amp;key=e8c22c015ca9eafa76f1e3edfa03c603&amp;spid=3001339&amp;vid=1447854" width="100%"></iframe></figure><div class="iwantbar">Watch more in <a href="//www.iwantv.com.ph/">iWantv</a> or <a href="//tfc.tv/">TFC.tv</a></div>

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.