MANILA - Listed Balai ni Fruitas on Tuesday said its board approved the reallocation of its initial public offering (IPO) proceeds to increase funds for commissary set-up instead of store network expansions.

IPO proceeds earmarked for commissary set-up was increased to P60 million from P20 million. The additional P40 million was taken from "store network expansion and store improvement" as initially disclosed, the company told the stock exchange.

"By increasing the amount allocated to commissary set-up, the company will be able to expand capacity to serve increasing demand," the company said.

It also noted that it was able to expand distribution through placements of products in other Fruitas Holdings Community Stores and third-party partnerships.

Balai ni Fruitas, which operates Balai Pandesal Corp, listed on the Philippine Stock Exchange in 2022. It is a subsidiary of beverage kiosk operator Fruitas Holdings.

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