MANILA - Monde Nissin Corp said on Thursday it would acquire 15 percent of Figaro Coffee Group Inc for P820.3 million.
The acquisition is equivalent to P1 per share, the Lucky Me instant noodle maker told the stock exchange.
Proceeds of the subscription shall be used by Figaro to finance its expansion plans, Monde Nissin said.
"We are excited with the opportunity to become shareholders in the Figaro Coffee Group as it provides a greater exposure to the food service sector which we view as potentially attractive avenue for further growth both here in the Philippines and abroad," Mondo Nissin CEO Henry Soesanto said.
"We believe our scale may help enhance the procurement capabilities of the Figaro Group which is rapidly growing," he added.
Monde Nissin's leadership in the food sector, strength in manufacturing, and timeless brand equity can help "solidify [Figaro's] position as a very strong and stable F&B company," Figaro Coffee Group Chairman Emeritus Jerry Liu said.
Figaro also operates and franchises brands such as Angel's Pizza, Tien Ma's as well as Cafe Portofino. It became public in 2022.
Meanwhile, Monde Nissin Corp's portfolio also includes SkyFlakes, Fita, Quorn and other baked goods. It listed on the Philippine Stock Exchange in 2021.