Splash Foods acquires Barrio Fiesta food business
Splash Foods has formally acquired the food manufacturing unit of Barrio Fiesta Manufacturing (BFMC).
In a statement to the Philippine Stock Exchange, Splash Foods said that it transferred the 5.28 million shares it purchased from BFMC to Splash Foods at the same cost it purchased the shares.
In September, Splash entered into an agreement to acquire 80% of BFMC for P472m ($10.87m), which does not include its flagship restaurant chain.
The acquisition amount represents 5.28 million BFMC shares at a price of P89.32 ($2.05) per share, Gmanews.tv reported.
Under its new venture, Splash said it plans to produce ready meals and food condiments in Philippines and other countries, and aims to make BFMC a major player in the food industry.
Splash said it funded the acquisition partly through cash it raised from its initial public offering (IPO).
Barrio Fiesta is involved in the manufacture of shrimp paste, ready-to-eat canned meals, condiments, and fruit preserves, and its products are exported to 35 countries.
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