Almost three years after its listing at the Philippine Stock Exchange (PSE), Fruitas Holdings Inc. (PSE: FRUIT) successfully listed its baking subsidiary last June 30. The initial public offering (IPO) of Balai ni Fruitas Inc. (PSE: BALAI) raised about P203.8 million in net primary proceeds for BALAI and minimum gross proceeds of P35 million for FRUIT.
BALAI President and CEO Lester Yu said: “The listing opens more opportunities for us to be nimble and respond to our customers’ evolving preferences. The IPO proceeds and the company’s strong cash generation from our operations will allow us to aggressively grow our business.”
FRUIT is expected to book a one-time gain on the sale of existing shares to BALAI, which will result in an increase of its equity. Proceeds will be deployed into new strategic initiatives. This includes the acquisition of Ling Nam Wanton Parlor and Noodle Factory.
For the first quarter of 2022, BALAI recorded P60.6 million in revenues and P6.4 million in net profit despite stricter mobility restriction during the early part of the year due to a surge in Covid-19 cases. It aggressively expanded the Balai Pandesal stores in different parts of Metro Manila and presently has 38 branches compared to only five at the time of acquisition. In the near term, BALAI targets to introduce or acquire value-adding concepts that would fit into its baked goods lineup.
Celebrating 25 years of thrift banking
Citystate Savings Bank (CSBank) marked its 25th anniversary on August 8, 2022. It may be recalled that the Bangko Sentral ng Pilipinas (BSP) granted CSBank’s license to operate as a thrift bank on August 7, 1997 and the following day, its first branch opened in Makati City.
Today, CSBank has grown to 30 branches located in Metro Manila and key provincial areas. It was listed at the PSE in January 2002 and has been helping the Filipino middle market in several ways: lending funds for immediate necessities such as mobility, shelter, and working capital for businesses; as well as through savings and investments for future needs like entrepreneurship and children’s health and wellness.
“On our 25th year, we are more than ever committed to serving our countrymen with their financial requirements,” said CSBank President Benjamin Ramos. The bank is part of the ALC Group of Companies founded by the late Ambassador Antonio Cabangon Chua with a vision to serve the Filipinos by continuously improving their quality of life from its very beginning to its inevitable end. His son, D. Edgard Cabangon, chairs the bank’s board of directors. Aside from banking, the conglomerate is also involved in the insurance, pre-need, education, automotive, security, media, and real estate industries.
J. Albert Gamboa is a Life Member of the Financial Executives Institute of the Philippines (FINEX). He is the Chairman of the FINEX Media Affairs Committee and the Editor-in-Chief of FINEX Digest. The opinion expressed herein does not necessarily reflect the views of these institutions and the Manila Bulletin. #FinexPhils www.finex.org.ph