MANILA, Philippines - Splash Corp., a leading Filipino-owned beauty and personal care products maker, is venturing into the coffee business.
In a disclosure to the Philippine Stock Exchange, Splash said its board approved the establishment of a subsidiary in Uganda and acquisition of a coffee brand and product registration up to a maximum investment of $400,000 and P3.2 million, respectively.
The company did not disclose other details.
Known as the “Pearl of Africa”, Uganda is bordered on the east by Kenya with a population of 33.8 million last year.
Splash earlier formed a holding company based in Singapore, Splash Global Pte. Ltd., to serve as the group’s vehicle for possible mergers, acquisitions or joint ventures in the international markets. The company is prioritizing Southeast Asia and Indochina.
The company earlier said it was looking at brands or companies that would further boost its presence overseas.
Splash also formed a distribution unit in Malaysia called Splash H & B Sdn. Bhd. that will help widen its market reach in the area.
Splash products are now available in Indonesia, Malaysia, Vietnam, Myanmar, Laos, and Cambodia. It is also sold in the Middle East specifically and Africa.
International operations account for over 10 percent of the total revenues of Splash. The company is eyeing revenues of around P3 billion in 2010 or 15 percent higher than the P2.71 billion registered a year earlier.
For this year, Splash is looking at a more than 20- percent rise in revenues.