Food giant Monde Nissin Corp. said Thursday it will acquire a 15 precent stake in Figaro Coffee Group Inc. for P820.3 million, equivalent to a price of P1 a share, a premium to the current market price of P0.89.
Figaro said it will use proceeds of Monde Nissin’s buy-in to bankroll the company’s expansion plans.
Figaro wholly-owns Figaro Coffee Systems Inc, which operates or franchises a network of restaurants that include Figaro Coffee, a coffee shop with domestic and international branches; Angel’s Pizza, a pizza store chain; Tien Ma’s, a Taiwanese cuisine restaurant; The Figaro Group (TFG) Express outlet, a multi-brand kiosk selling the top products of FCSI’s other restaurants; and Café Portofino, an outlet which primarily serves beverages and bakery items.
Henry Soesanto, Monde Nissin’s chief executive officer, said the acquisition provides the company known best of its Lucky Me! Instant noodles “a greater exposure to the food service sector which we view as a potentially attractive avenue for further growth both here in the Philippines and abroad.”
He said Monde Nissin’s size will enhance the procurement capabilities of the rapidly-growing Figaro Group. “We look forward to working with the Figaro Group management team and potential future collaborations that this new relationship may offer,” Soesanto said.
Figaro Chairman Emeritus Jerry Liu commented said the entry of Monde Nissin as a major shareholder in Figaro will help in solidifying its position as “a very strong and stable F&B company.”
