Listed food company Monde Nissin Corp. said Wednesday its board approved the reallocation of P2.14 billion in capital expenditures to its Asia Pacific branded food and beverage business from its Meat Alternatives business.
It is unclear whether the Monde Nissin’s board action was influenced by the steady growth in APAC BFB and the challenging environment where the meat alternatives’ business is operating in.
Monde Nissin added that its board also approved the subscription to $2 million worth of preferred shares in Terramino, Inc., a Delaware-incorporated company engaged in research, development and commercialization of food products made from koji—which is either cooked rice or soya beans that have been inoculated with a fermentation culture, Aspergillus oryzae and used to make popular food like soya sauce, miso, mirin and sake.
Monde Nissin’s investment gives it a 1.89 percent stake in Terramino.
The food company is also reversing PHP5 billion earlier allocated as capital expenditures into retained earnings.
