Fruitas Holdings Inc. said it is reallocating part of the proceeds of its P1.01-billion initial public offering to cover the financing of the expansion of its commissary.
The amount will be sourced from the P470-million portion that would have gone to store network expansion and store improvements.
Fruitas said an additional P20 million will be spent for the commissary expansion from an earlier allocation of P40 million, covering the acquisition of two lots with a combined area of 1,328 square meters (sq.m.) for the buko water commissary in Quezon City, which are currently being leased.
Another P145 million will be allocated for the acquisition of the site for the head office of Fruitas — a 909.5-sq.m. lot with a five-storey building and net floor area of at least 2,000 sq.m. lin Sta. Mesa, Manila.
“Allocated amount may also cover minor improvements. As the site is strategically located in a busy commercial area, excess space which will not be used by the FHI group will be leased out to potential tenants,” Fruitas said.