Off the menu: Angel’s Pizza, Figaro Coffee owner set to exit PSE

Composite by Sam Calleja/Rappler

Fans of Angel’s Pizza and Figaro Coffee need not worry about their favorite snacks disappearing

AT A GLANCE

• Figaro Culinary Group plans to voluntarily delist from the Philippine Stock Exchange less than five years after its debut in January 2022.
• The company will offer to buy shares from minority investors at P0.82 each.
• The delisting requires shareholder approval and a special meeting is scheduled for November 13 to vote on the proposal.

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MANILA, Philippines – The company behind popular Filipino brands Angel’s Pizza and Figaro Coffee is planning an exit from the Philippine Stock Exchange (PSE).

Figaro Culinary Group, which also operates Tien Ma’s Taiwanese Cuisine and Koobideh Kebab, announced on Wednesday, October 7, that its board had approved plans to voluntarily delist from the PSE, less than five years after making its stock market debut in January 2022.

Delisting means the company’s shares would no longer be traded on the exchange. It does not mean the company is shutting down its restaurants, though the investing public will no longer be able to have an ownership stake in the Figaro group.

So what happens to people who invested in Figaro?

Under the tender offer plan, Figaro Coffee Systems, the group’s wholly owned subsidiary that operates its restaurant businesses, will offer to buy shares held by minority investors for P0.82 apiece. (READ: Pizza overtakes coffee in Figaro group’s store footprint as Angel’s Pizza rises)

For comparison, Figaro originally sold shares to the public at P0.75 apiece when it listed in January 2022, raising around P767 million to help fund its expansion.

Monde Nissin, the food manufacturer behind Lucky Me! noodles and SkyFlakes crackers, is among the major shareholders excluded from the proposed buyout. The company acquired a 15% stake in Figaro in 2023 for P820.3 million, equivalent to P1 per share, and is not participating in the P0.82-per-share tender offer alongside two other major shareholders, Carmetheus Holdings and Camerton.

Figaro’s stock market exit is not yet a done deal. Based on the disclosure, the delisting still requires shareholder approval, completion of the tender offer, and Figaro Coffee Systems and the major shareholders collectively reaching at least 95% ownership.

A special stockholders’ meeting is scheduled for November 13 to vote on the proposal.

Trading in Figaro shares was suspended on Thursday, October 8, to give investors time to digest the announcement and assess the offer. – Rappler.com

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