The Big Chill Inc., a subsidiary of publicly listed Agrinurture Inc., plans to raise P500 million to P600 million from an initial public offering this year to finance expansion in China.
Agrinurture president and chief executive Antonio Tiu said in a text message the company planned to revive the proposed listing of TBCI, the operator of Big Chill and Fresh Bar and the franchisor of Tully’s Coffee in the Asia Pacific region.
Agrinurture said proceeds from the planned IPO would fund the capital expenditures TBCI needed to expand in China amid the improving bilateral relations between Manila and Beijing.
Agrinurture said that as a part of the planned listing, it notified its shareholders Monday that it would receive one warrant of TBCI, with five-year American call option from date of board approval.
Argrinurture acquired TBCI in 2011 and announced during the same year plans to list the fruit shake chain with the Philippine Stock Exchange by way of introduction.
TBCI was established in 1994 as a new concept serving premium quality blended shakes made with 100-percent fresh-cut fruit, targeting mainly the AB and upper C market segments through its extensive network of shops and kiosks.
The Fresh Bar is an expanded concept of Big Chill which offers the same fresh fruit shakes along with a line of hearty gourmet soups, healthy pasta offerings, fresh salads and sandwiches.