Figaro Culinary Group plans to voluntarily delist from the Philippine Stock Exchange. The restaurant operator is offering minority investors P0.82 per share to go private.
At that price, the buyout tops the company’s January 2022 initial public offering level of P0.75. That listing raised P767 million for store expansion across the Philippines.
Terms of the buyout and major holders
Operating unit Figaro Coffee Systems will run the tender offer for public minority shares. Three major shareholders will not participate: Carmetheus Holdings, Camerton, and food conglomerate Monde Nissin.
Monde Nissin, which makes Lucky Me! Noodles and SkyFlakes crackers, bought a 15 per cent stake for P820.3 million in 2023. That deal valued the shares at P1.00 each. It sits well above the current tender offer.
Shifting priorities across Philippine dining
Going private gives management room to expand its brand portfolio away from daily market scrutiny. Southeast Asian restaurant chains face stiff competition in quick-service dining. Store buildout costs and franchise support demand fast capital allocation rather than quarterly earnings management.
Angel’s Pizza now drives the group’s expansion, overtaking the original Figaro Coffee concept in store count and system sales. Leaving the exchange frees up internal cash for delivery infrastructure and fast-turnover kitchens without public reporting friction.
Path to delisting and shareholder vote
Trading in Figaro shares was halted on October 8 after the board approved the exit plan. The company joined the PSE in January 2022 with a multi-brand lineup that also includes Tien Ma’s Taiwanese Cuisine and Koobideh Kebab.
Delisting requires shareholder approval and a combined ownership stake of at least 95 per cent between Figaro Coffee Systems and the non-participating anchor investors. Stockholders will vote on the proposal at a special meeting on November 13.