Lester Yu still hungry for acquisitions

Leading multi-brand food kiosk operator Fruitas Holdings Inc. of retail magnate Lester Yu remains in a deal-hunting mode, beefing up its budget for acquisition opportunities.

In a regulatory filing, Fruitas said it increased its allocation of the proceeds of its P1.01-billion initial public offering for “acquisition opportunities and introduction of new concepts” from P135 million to P153.66 million.

The increase in allocation of IPO proceeds was sourced from the the additional net proceeds resulting from lower offer expenses compared to initial estimate; unused portion of the proceeds previously allocated forn acquisition of property; and a portion of what was initially allocated to commissary expansion.

The board of directors of Fruitas also approved certain amendments to the Articles of Incorporation of Soy Kingdom Inc. (SKI) including among others, the increase in authorized capital stock.

Fruitas likewise approved the subscription to 37.05 million common shares of SKI at P1.70 per share.

Management has also approved the incorporation of Ling Nam Inc. as subsidiary of SKI in line with the acquisition of the

restaurant which is known for its Cantonese-style dishes such as beef wanton noodles and dimsum products.