FOOD AND BEVERAGE kiosk operator Fruitas Holdings, Inc. has acquired a P140-M property to be used in headquarters in Manila.
The corporation said that it had bought a 909.5 sqm lot in Ramon Magsay Blvd, Sta Mesa in an announcement to the exchange on Monday.
“The purchase of the property helps Fruitas to secure ownership as it is important to the future operations of the firm” as per the disclosure.
Fruitas uses part of its initial public bid (IPO) last year to pay the property in cash for a share of the P820 million profits. Last week some P40 million was paid, while the remaining amount could be paid until December 15.
“The organization determines to invest in properties that can provide higher wages, consolidate certain back office operations and also produce lease income from holders in a possible surplus field, given the current low-yield climate. The asset would also have a capital appreciation over the long term The property was purchased from Philippine Bible Society Inc.”
The organization first revealed its intention in September to acquire a property for its current headquarters. It has reserved P145-M from the P165-M IPO revenues.
The majority of the allocated money, or P20-M would go to its growth fund. Fruitas intends to purchase the 1,328-square-metre-old property where its water commissary in Quezon City is housed.
Fruitas posted an attributable P12.35-M net loss in the first half of 2020, reversing its attributable P51,97-M net profits in the same span of last year.