MANILA - Fruitas Holdings Inc said Monday it would reallocate proceeds from its initial public offering for the site acquisition of its buko water commissary and new headquarters.
The food kiosk operator filed for an IPO in 2019 in a bid to expand its business. [FILED FOR AN IPO ]
An additional P20 million was reallocated for its commissary expansion, covering the acquisition of a 1,328 square meter site in Quezon City, Fruitas Holdings told the stock exchange.
Another P145 million was also allocated for the site acquisition of its new 900-sqm headquarters with a 5-storey building and a net floor area of 2,000 sqm in Sta, Mesa, Manila, it said.
Final terms are subject to negotiation and is expected to be executed not earlier than mid-October, it said.
"Fruitas noted that the objective of these property acquisitions is to secure ownership, and therefore the long-term use, of assets which are vital for the future operations of the Group," the company said.
The new acquisitions will result in savings in the long run, it said.
Fruitas said it has over 600 stores in operation.