The Securities and Exchange Commission (SEC) has approved Figaro Coffee Group Inc.’s P1.77- billion share -sale plan.
Figaro intends to offer 1.38 billion shares, divided into an initial 1.26 billion shares and another 126 million shares, at an offer price of up to P1.28 apiece.
The company primarily operates restaurants, coffee shops, and refreshment parlors under the brands Angel’s Pizza, Figaro Coffee, Tien Ma’s, TFG Express, and Café Portofino. It currently owns a total of 90 stores across the five brands.
Out of the proceeds, the company is allocating P657.6 million for store re-openings and renovations; P350.3 million for commissary expansion; P80 million for debt repayment; P5 million for information technology infrastructure; and P600 million for potential acquisition it will carry out in the next three years.
The Figaro Group said as part of its growth plans, it plans to have a total of about 150 system-wide stores by the end of 2022 and more than 300 system-wide stores throughout the country by the end of 2029.
