Listed food company Figaro Culinary Group Inc. has moved a step closer to carving out its fast-growing Angel’s Pizza business after securing a key regulatory approval for its planned corporate restructuring.
The company said the Securities and Exchange Commission (SEC) has approved the increase in the capital stock of Angel’s Pizza Inc. (API) and the filing of its amended articles of incorporation, paving the way for the transfer of the pizza business into a standalone subsidiary.
The approval, received after the close of trading on July 23, remains subject to the SEC’s requirements governing the use of registered properties as paid-up capital. Figaro said it will comply with all remaining conditions to complete the restructuring.
The move is more than a paperwork exercise. It formally separates one of Figaro’s fastest-growing brands into a dedicated corporate vehicle, a structure that could give management greater flexibility to expand the business, attract investors or pursue future strategic opportunities.
The restructuring was first approved by Figaro’s board in November 2025. Under the plan, Figaro Coffee Systems Inc. (FCSI) will transfer the assets of the Angel’s Pizza business to the newly formed API through a share swap. In exchange, FCSI will receive shares in API, which will remain a wholly owned subsidiary of the group.
The companies signed the deed of exchange shortly after the board approval, with completion hinging on regulatory clearances.
Angel’s Pizza has emerged as one of the brighter spots in the Philippine food service industry, helping fuel Figaro’s expansion beyond its coffee shop roots. By giving the pizza business its own corporate identity, Figaro appears to be preparing one of its strongest growth engines for a bigger role in the group’s long-term strategy.
