MAKATI CITY, PHILIPPINES – January 25, 2023 – The Executive Committee of Monde Nissin Corporation (“Monde Nissin” or the “Company”; PSE stock symbol: MONDE) has approved the acquisition of a 15% stake in Figaro Coffee Group Inc. (FCG) for Php 820.3 mn, which translates to Php 1.00 per share. The transaction shall consist in the subscription to primary shares of FCG. Proceeds of the subscription shall be used by FCG to finance its expansion plans.
Henry Soesanto, Monde Nissin’s Chief Executive Officer, commented, “We are excited with the opportunity to become shareholders in the Figaro Coffee Group as it provides a greater exposure to the food service sector which we view as a potentially attractive avenue for further growth both here in the Philippines and abroad. Additionally, we believe our scale may help enhance the procurement capabilities of the Figaro Group which is rapidly growing. We look forward to working with the Figaro Group management team and potential future collaborations that this new relationship may offer.”
Figaro Coffee Group’s Chairman Emeritus Jerry Liu commented, “We welcome this partnership with Monde Nissin as we believe a combination of their leadership in the food sector, strength in manufacturing and timeless brand equity, combined with our fast-growing store network and brand strength will yield excellent opportunities for Figaro Coffee Group to solidify its position as a very strong and stable F&B company.”
FCG wholly-owns Figaro Coffee Systems, Inc. (FCSI), through which it operates and/or franchises a network of restaurants. These include Figaro Coffee, a coffee shop with domestic and international branches; Angel’s Pizza, a pizza store chain; Tien Ma’s, a Taiwanese cuisine restaurant; The Figaro Group (TFG) Express outlet, a multi-brand kiosk selling the top products of FCSI’s other restaurants; and Café Portofino, an outlet which primarily serves beverages and bakery items.
About Monde Nissin
Monde Nissin Corporation is a global food and beverages company headquartered in the Philippines, with a portfolio of iconic and market leading brands across fast-growing categories, including Lucky Me! noodles, SkyFlakes crackers, Fita crackers, Monde baked goods and Quorn meat alternative products. The Company aspires to improve the well-being of people and the planet, and create sustainable solutions for food security. That aspiration is reflected in our commitment to continuously improve our products to make them more delicious, nutritious, and better for the planet. For more information, please visit www.mondenissin.com.
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