Figaro Coffee Group Inc., one of the Philippines’ leading and food and beverage chains, said Thursday it obtained shareholders’ approval on its planned share sale to fund expansion.
Figaro said in a disclosure to the stock exchange shareholders approved the sale of up to 20 percent of the company’s outstanding common shares to potential third-party investors.
The shares will come from the company’s existing authorized capital stock.
Monde Nissin Corp. invested P820 million to acquire a 15-percent stake in Figaro in March.
Its shareholders also approved the proposed conduct of a follow-on/public offering of either common shares or preferred shares.
Figaro, which owns Figaro Coffee and Angel’s Pizza, said it would use the proceeds from the fund-raising activities to fund store expansion beyond 2024, expand shareholder base and promote market participation.
It said it would finalize the terms and conditions of the proposed fund-raising activities depending on financial needs and prevailing market conditions.
The group operates 192 stores nationwide, including 60 Figaro Coffee stores, 116 Angel’s Pizza outlets, 10 Tien Ma’s locations and six Café Portofino establishments.
It is set to open more stores across the country before the end of the year. Its upcoming store openings are in Laguna, Pampanga, Rizal, Cebu, Pangasinan, Bohol, Ormoc and Davao.
Figaro booked a 133-percent increase in its net income to P462.6 million for its fiscal year ending June 30 from P198.2 million in the previous fiscal year.
Revenues went up 75 percent to P4.28 billion from P2.44 billion, as same-store sales climbed 6 percent.
The company said it is poised for growth in the coming years, with ample funding for capital expenditure strong margins and positive projections in terms of transaction counts and same-store sales percentage.