Fruitas raises P200 M from corporate notes
Fruitas Holdings Inc. has completed its maiden private placement, raising P200 million from the issuance of corporate notes.
The notes were issued to qualified individual or institutional buyers and not more than 19 primary institutional lenders in a deal that was arranged by RCBC Capital Corp, the listed food and beverage retail operator said in a stock exchange filing.
Fruitas said the issuance was received warmly as reflected by the full take-up of the maximum amount set by the company.
Proceeds will be used by the company for working capital requirements and general corporate purposes.
"This notes issuance provides a new financing source which will empower House of Fruitas to expand its product offerings and access a broader customer base," Fruitas president and chief executive officer Lester Yu said.
Fruitas said the notes issuance further diversifies the group’s financing sources.
The company in the last few years completed its initial public offering and the IPO of its subsidiary, Balai ni Fruitas.
It has likewise expanded its list of relationship banks, which have increased their credit lines for the company and its subsidiaries.
Fruitas said these developments have allowed the company to establish itself as a leader in food and beverage stores across multiple formats, expand its production capacity and complete several transformational acquisitions.
"This milestone represents a significant step forward for Fruitas Holdings, signifying our increasing prominence in the market," Yu said.
"We express our utmost gratitude to the investors which subscribed to our notes. We will reciprocate this confidence by delivering on our strategic initiatives," he said.
Fruitas ended 2023 with a total of 817 stores, with 44 stores added last year.
The company operates over 30 brands in its portfolio, which includes well-loved food concepts Fruitas Fresh from Babot's Farm, Buko Loco, Balai Pandesal, Buko ni Fruitas, De Original Jamaican Pattie, Johnn Lemon, Juice Avenue, Black Pearl, Friends Fries, Sabroso Lechon, Ling Nam and Fly Kitchen.