Monde Nissin Corp. said it is realigning P2.14 billion in capital expenditures (capex) allocated for the growth of its alternative meat business toward its branded food and beverage business in the Asia Pacific.
The company told regulators the allocation was sourced from the supposed capex scheduled for last year.
Monde Nissin raised P55.89 billion through an initial public offer (IPO) in 2021, selling to the public an initial 3.6 million common shares to cover the firm shares and another 540 million shares covering the greenshoe option, at an offer price of P13.50 per piece.
The company then said the proceeds will be used to fund its capex and to redeem its obligations.
In January, Monde Nissin said it is acquiring 15 percent of listed Figaro Coffee Group Inc. for P820.3 million.
Figaro will transfer to Monde Nissin a similar number of primary shares, valuing the transaction at P1 per share. The proceeds will be used to finance Figaro’s expansion plans.
Henry Soesanto, Monde Nissin chief executive officer, said the acquisition into Figaro provides a “greater exposure” for the company to the food service sector. – Ruelle Castro
