MONDE Nissin Corp. is looking at startup opportunities in new categories and has subscribed to 87,500 of outstanding common shares of Amico Innovations Inc. worth P17.5 million.
“Monde’s executive committee authorized Monde to subscribe for 87,500 shares, which is expected to be 70 percent of the outstanding common shares of Amico, a new Philippine domestic corporation in the process of being incorporated,” Monde told the stock exchange on Tuesday.
“Definitive determination is unavailable at this stage. Amounts involved for the subscription are not material to the Issuer’s operations,” it added.
The P17.5-million total cash consideration is to be paid by Monde on or before end-September.
Last month, the Board of Investments approved Monde’s P1.2-billion investment in Davao City for the development of an automated manufacturing and processing facility for butter coconut biscuits.
The project includes the acquisition and installation of machines and equipment with an allocation of about 48 percent; site preparation and development with 46 percent; and 6 percent for working capital.
The expansion is expected to boost the southern regions’ economy and enhance the firm’s distribution network.
Monde shares were unchanged at P9.20 each on Tuesday.
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