Source: Denise A. Valdez https://www.bworldonline.com/fruitas-buys-soybean-products-store-and-rice-meal-operator/
FRUITAS Holdings, Inc. is acquiring a soybean product company and the store assets of a Filipino food stall firm as part of expanding its business, it told the stock exchange on Monday.
In a statement and in corresponding disclosures, the listed food and beverage kiosk operator said it had acquired 100% of the outstanding shares of SoyKingdom, Inc., and through its subsidiary Negril Trading, Inc., bought two owned-stores of Kuxina.
SoyKingdom is the operator of The Tofu Store, a 14-year-old company that sells soy milk, taho, tofu and other soybean-related products. It currently has storefronts in Little Baguio, San Juan and Sta. Mesa Heights, Quezon City.
Fruitas is buying 1.2 million shares or 100% of SoyKingdom in cash, which will be an additional subsidiary of the company.
“Fruitas believes that demand for freshly made and conveniently available soymilk, taho, tofu, and other soybean-related products will further increase in the Philippines as more Filipinos discover its versatility as a standalone beverage or snack and key ingredient in everyday meals,” it said.
Kuxina, on the other hand, is the operator of the Kuxina Filipino Fusion and Kuxina Ihaw Na! stores located in Fruitas’ Le Village food park in Quezon City. Negril Trading, which handles De Original Jamaican Pattie Shop and Juice Bar for Fruitas, will enter the transaction with Kuxina.
“Kuxina will complement Sabroso Lechon, Heat Stroke Grill, [Fruitas’] other recent acquisition and rice meals concepts,” the company said of the deal. It noted the transaction covers the acquisition of two stores in Quezon City, equipment, recipes, leasehold improvements and marketing collateral and continuing arrangement with eight franchised stores.
Fruitas ended 2019 with 1,068 stores in its network through more than 20 brands such as Fruitas Fresh from Babot’s Farm, Buko Loco, De Original Jamaican Pattie, Johnn Lemon, Shou La Mien Hand Pulled Noodles, Sabroso Lechon and more.
As the company celebrates its 18th year this year, Fruitas President and Chief Executive Officer Lester C. Yu said the company will continue finding innovative and suitable additions to its portfolio.
“We will further strengthen our existing brands and seamlessly integrate our latest acquisitions, broadening our offerings to include both traditional and contemporary Filipino food and drinks,” Mr. Yu was quoted as saying.
Shares in Fruitas at the stock exchange inched up two centavos or 1.22% to close at P1.66 each on Monday.