September 11, 2024 | 12:00am
MANILA, Philippines — Snack food giant Monde Nissin Corp. is injecting P17.5 million in a company that will explore opportunities in new categories and businesses.
Monde Nissin said it would acquire 87,500 shares or 70 percent of Amico Innovations Inc. at P200 apiece.
Amico is a domestic corporation currently being applied for incorporation with the Securities and Exchange Commission.
Amico’s primary purpose is to engage in the importing, exporting, repacking, processing, buying, selling, marketing, distributing, trading or otherwise dealing in all kinds of goods, wares and merchandises, which are or may become articles of commerce, among others.
Monde Nissin expects the subscription to happen on or before Sept. 30.
Monde Nissin plans to use Amico for the exploration of start-up opportunities in new categories and businesses.
A global food and beverages company headquartered in the Philippines, Monde Nissin has a portfolio of market leading brands across fast-growing categories, including Lucky Me!, SkyFlakes, Fita, Monde baked goods and Quorn meat alternative products.
The company aspires to improve the well being of people and create sustainable solutions for food security.
In the first half, the company saw a 45.5-percent jump in core net income attributable to shareholders to P5.1 billion as revenue improved by 3.1 percent to P40.1 billion.
Its Asia-Pacific branded food and beverage revenue inched up by 3.9 percent year-on-year driven by volume growth in noodles and other categories.
Revenue of the meat alternative business during the period, meanwhile, declined by 5.2 percent as category softness continued.
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