Fruitas Holdings founder and CEO Lester Yu has increased his shareholdings in Balai ni Fruitas, signaling his confidence in the operations and long-term prospects of his bakery and beverage company.
According to a stock exchange filing, Yu shelled out P2.52 million to acquire 4 million BALAI shares for 63 centavos per share.
The BALAI shares he acquired are on top of the 75 percent stake retained by Fruitas in BALAI after its initial public offering in June 2022.
Yu’s additional investment demonstates his confidence in BALAI’s operations and future growth potential.
BALAI has been on an upward trend lately, rising by more than 15 percent and outpacing the PSE Index, which has increased by six percent since the start of the year. The stock closed 4.69 percent higher at 67 centavos Wednesday.
The company had an impressive performance last year, posting a ten-fold jump in its nine-month profit to P23.2 million on the back of a 164 percent hike in revenues to P234 milion.
BALAI’s stellar performance was attributed to the rapid and strategic store network expansion of its flagship brand, Balai Pandesal which has boosted its store network to over 40 stores from the initial five at the time of its acquisition in June 2021.