November 12, 2024 | 12:00am
MANILA, Philippines — A number of investors are expected to line up for Monde Nissin Corp.’s stake in the Figaro Coffee Group should the listed snack foods giant decide to dispose of its interest.
“Many are interested to buy that if that will be true,” a source told The STAR.
The source cited Macay Holdings Inc., the holding company chaired by Alfredo Yao, as among the interested parties.
Also identified as another interested group is the buyer of the local Wendy’s fast food chain franchise from Davao-based businessman Dennis Uy.
Figaro Coffee Group chairman Justin Liu, howeever, said that the company has yet to be formally notified by Monde Nissin on its plan to exit.
Asked if the company is interested in buying back the shares, he said they would have to wait for Monde Nissin’s notification first.
“Nothing formal on writing yet on what Monde wants to do, so for us it is status quo,” Liu told The STAR.
During an investor briefing last week, Monde Nissin CEO Henry Soesanto expressed his group’s intention to unload their 15-percent stake in the Figaro Coffee Group.
“We have to admit that initially, we thought the brand of Figaro can help us enter into the new category there. But we find out that the possibility is slim,” Soesanto said.
“We are today trying to look for the exit on this. But basically we said that investing in Figaro, hoping that we will bring the brand into the consumer segment, has not been successful,” he said.
Last year, Monde Nissin acquired a 15-percent stake in Figaro Coffee Group for about P820.3 million as part of its foray into the food service business and overall growth strategy in the Philippine market.
The acquisition was expected to provide the company exposure to the food service sector as part of its growth plan.
Figaro Coffee Group, through subsidiary Figaro Coffee Systems Inc., operates and franchises a network of retail restaurants that include Figaro Coffee, Angel’s Pizza, Tien Ma’s and Café Portofino.
The company intends to revise its corporate name from Figaro Coffee Group to Figaro Culinary Group Inc. to reflect the growing diversity of the business.
Monde Nissin meanwhile, is a global food and beverage company headquartered in the Philippines.
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