MANILA, Philippines — Bounty Fresh Group Holdings Inc. has no plans to go public yet as its internal funds are sufficient to cover all its investments in the pipeline, its CEO said.
Kenneth Cheng, CEO of Bounty, said the group or any of its four subsidiaries do not have any initial public offering (IPO) plans for this year or next.
“We are not saying that we do not have plans in the future. We are keeping our options open,” Cheng told reporters in a recent interview.
It was reported last year that Bounty Agro Ventures Inc., which used to be part of the Bounty Group, was considering an IPO as one of several options to create the best value for the company.
“You do IPO because you have bigger plans, you need the money then you IPO, right? Right now, we are growing, we are investing and we are able to finance everything internally,” Cheng said.
“So, there is really no need for us to IPO as of this moment. But having said that, I am not going to say it is never going to happen. It is an open option,” he added.
Furthermore, Bounty does not have any plans to export any of its chicken products, noting the growing domestic demand for the meat product, Cheng said.
“Our focus is producing for the Philippines,” he said, noting that the firm sees the country’s broiler demand growing by at least two percent every year.
At present, Bounty has presence in New Zealand through its subsidiary the Tegel Group and in Indonesia through its joint venture investment in PT Bounty Segar.
Bounty has around 1,800 Chooks-to-Go rotisseries and some 37 Chooks! dine-in restaurants nationwide.
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