Fruitas Holdings Inc., a leading food and beverage kiosk operator, said Monday it is evaluating fundraising options to support planned acquisitions and expansion.
Fruitas said in a disclosure to the stock exchange its board allowed the company to review capital raising plans, including notes, bonds and preferred shares to seek longer-term growth capital.
“The foodservice and retail sectors are evolving quickly, and we need to also adapt our acquisition criteria. However, we continue to focus on our customers and seek ways to further facilitate customers’ access to Fruitas and deepen our relationship with them,” Fruitas president and chief executive Lester Yu said.
“We will build on our strengths of operating a nationwide network of small footprint stores, and providing healthy and minimally processed products which provide happiness,” he said.
The company said its board approved the plan to widen the scope for potential acquisitions. Fruitas said future acquisitions would no longer be limited to foodservice, but could include targets that would allow Fruitas to broaden its network and reach more Filipinos.
“We were able to build our community stores even during the quarantine and achieve our target within four months. We were also able to quickly adapt and widen our product range for such format. This is a testament to the nimbleness and depth of our organization,” Yu said.
“We believe that we are in stronger footing now with our community stores and delivery service which is accessible through phone, dedicated website and social media. We also continue to seek ways to add new revenue and profit streams,” he said.
Meanwhile, Fruitas director and chief financial adviser Calvin Chua said the company was planning to take advantage of the low interest rate environment to generate returns for shareholders.
The share price of Fruitas added 0.6 percent on Monday to P1.73.