Monde Nissin Corp. said Thursday it acquired a 15-percent stake in Figaro Coffee Group Inc. for P820.3 million.
Monde Nissin said in a disclosure to the Philippine Stock Exchange it executed a subscription agreement with FCG for the subscription to 820,268,295 common shares of FCG at P1 per share or a total of P820.3 million. The transaction allows Monde to hold 15-percent shares in FCG.
Monde Nissin said it paid in full for the subscription price via transfer of immediately available funds.
“FCG shall apply for and secure the approval of the PSE for the listing of the subscription shares within 180 days from the subscription agreement’s signing, or such longer period as may mutually be determined by the parties,” Monde Nissin said.
Monde Nissin chief executive Henry Soesanto said the acquisition would provide the company exposure to the food service sector, which could be a potential avenue for further growth here and abroad. Darwin G. Amojelar