By The Financial District
Balai Ni Fruitas Buys Property For Commissary
Balai Ni Fruitas Inc., a 75 percent-owned subsidiary of Fruitas Holdings Inc., is acquiring property for a new commissary from Lush Properties of Fruitas controlling shareholder Lester Yu for P111.3 million.
Photo Insert: Balai said it continues to expand its distribution channels by setting up new Balai Pandesal stores, product placements in other Fruitas Holdings community stores, and third-party partnerships.
In a disclosure to the Philippine Stock Exchange, BALAI said its board has approved the acquisition of the land, building, and improvements on a 484-square-meter property located at N. Domingo, Quezon City.
Mr. Yu, who is the President and CEO of Fruitas and BALAI, owns 97 percent of Lush Properties’ outstanding shares. He abstained from any discussion or approval of this acquisition.
Balai said it continues to expand its distribution channels by setting up new Balai Pandesal stores, product placements in other Fruitas Holdings community stores, and third-party partnerships.
It eyes to enlarge its overall capacity to meet the increasing demand through the acquisition of the property which will be used as a warehouse and commissary.
BALAI said it commissioned Tan-Gatue Appraisal Associates, Inc. as a third-party property appraiser to assess the fair market value of the property and set the acquisition price at 90 percent of the appraised value.
The parties executed a Deed of Absolute Sale of Assets with a total consideration price of P111.3 million (exclusive of 12 percent VAT).
The consideration shall be funded by approximately 25 percent debt and 75 percent cash, with part of the cash coming from Initial Public Offering Proceeds allocated for commissary setup and the balance from internal cash.
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