Fruitas beefs up its cash position 0 SHARES Share it! Share TweetBy James A. LoyolaFruitas Holdings Inc. has fortified its financial position as internally generated cash and ₱820 million in net proceeds from the sale of new shares will boost its cash balances and cut debt levels. In a statement, Fruitas said that consolidated cash balance exceeded ₱1 billion immediately after its initial public offering–on a pro forma basis and based on its latest audited financial statements as of June 30, 2019. Even after the planned debt repayment of ₱150 million, pro forma cash balance of approximately ₱850 million will far exceed the notes payable balance, which is expected to be halved from around ₱409 million to just above ₱200 million by end of the year, using IPO proceeds and internally generated cash. He added that, “our cash reserves place us in a very strong position to take advantage of the significant growth opportunities that are presented to us.”Fruitas also highlighted the growth momentum that it has generated in the past years.
