Corporate regulators announced they have cleared the planned maiden share sale of Balai ni Fruitas Inc., which is looking to raise cash to fund its store network expansion plans.
In a statement on Wednesday, the Securities and Exchange Commission said it approved on Tuesday Balai’s application for a P309.8-million initial public offering that covers 1.49 billion common shares.
Balai is the baked goods subsidiary of listed food and beverage kiosk operator Fruitas Holdings Inc. Formerly “Balai Pandesal”, the company was acquired by Fruitas back in June 2021. After the acquisition, Balai contributed 10% to Fruitas’ total revenues in September last year.
Under the IPO plan, Balai will sell to the public 325 million primary shares at P0.75 each.
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