The board of Fruitas Holdings Inc. announced on Wednesday, November 3, that the company has approved the realignment of the use of initial public offering proceeds to fund recent acquisitions.
According to the company, the board resolved to increase to P153.66 million from P135 million the IPO budget for acquisitions and the introduction of new concepts. It added that a portion of the IPO proceeds initially allocated to commissary expansion was also re-channeled for planned acquisitions.
In December 2019, Fruitas Holdings Inc. raised P820 million from its maiden offering.
Fruitas earlier reported a net income of P29 million in the first half, a turnaround from the P9 million net loss recorded in the same period last year as revenues climbed 50.2 percent to P787 million from P524 million.