Listed Fruitas Holdings Inc. (FHI) is reallocating the proceeds from its initial public offering to fund the acquisition of the site of its coconut water commissary and new headquarters. An additional P20 million would go to the commissary expansion to cover the acquisition of the 1,328-square meter (sqm) site of the buko (coconut) water commissary in Quezon City, while P145 million was allocated for the acquisition of the site of its new headquarters. FHI said the site of the new headquarters located in Sta. The move will result in savings on lease expenses for the buko water commissary. Certain back-office operations will also be consolidated in the new headquarters and rental income will be generated from tenants of potential excess space,” FHI added.

Source: Manila Times September 14, 2020 16:18 UTC