ANI subsidiary sets IPO

The Big Chill, Inc. (TBCI), a subsidiary of publicly listed Agrinurture, Inc. (ANI), is aiming to raise R500 million to R600 million from a planed initial public offering (IPO) this year.

In a statement, ANI said proceeds from the IPO will enable TBCI to fund capital expenditures for its expansion in the Greater China Region as it hitches on improved bilateral relations between Manila and Beijing.

The company owns iconic brands Big Chill and Fresh Bar and is the franchisor of Tully’s Coffee in the Asia Pacific region. In recent years, it started offering franchises in major cities in the Philippines and Asia with the fastest growth expected in Greater China Region.

With the craze for Japanesethemed food chains in Asia, the combined Tully's and Big Chill stores are expected to be well accepted by consumers in Asia. Tully's is the famous coffee brand originally from Seattle that outperformed Starbucks in Japan.

As part of the planned listing, ANI disclosed to the Philippine Stock Exchange that it has notified its shareholders that they are going to receive one warrant — (5 year American call option) — of TBCI priced at par value of 1 peso each for every 2,000 shares of ANI as of cut off date February 3, 2017.

ANI is engaged in the management and operation of food and beverage outlets under a range of brands that cater to different market segments in Manila, Hong Kong, and Xiamen. Taipei and Xuzhou are expected after the lunar new year break.

Under ANI’s management, TBCI is projected to churn revenues close to R5 billion a year. To date, there are eight food and beverage brands in the TBCI roster catering to a variety of market segments.

The company will file the necessary regulatory approvals for the planned listing this year.

The Big Chill, Inc. was established in 1994 as a new concept serving premium quality blended shakes made with 100 percent fresh-cut fruit, targeting mainly the AB and upper C market segments through its extensive network of shops and kiosks that provide convenient access to fresh fruit shakes.

Its parent firm ANI serves the raw material to the food service sector in Asia for the last two decades following its farm to plate model.

The Fresh Bar, meanwhile, is an expanded concept of Big Chill which offers the same fresh fruit shakes along with a line of hearty gourmet soups, healthy pasta offerings, fresh salads and sandwiches.