Monde Nissin waits for right time to sell Figaro stake

MANILA, Philippines — It’s not anymore a matter of if, but when as far as Monde Nissin Corp.’s plan to sell its stake in the Liu family-led Figaro Culinary Group Inc. goes.

Monde Nissin chief executive officer Henry Soesanto told The STAR that the group is currently waiting for the right timing to sell its 15-percent stake in Figaro Culinary Group., formerly Figaro Coffee Group Inc.

“On Figaro, our initial intention was to ride on the brand and help launch some related products as consumer package goods, but it was then proven unrealistic. It was my mistake,” Soesanto said.

“So I said, while the project was not realistic, we might decide to exit. We just wait for the right timing to do it,” he said.

Soesanto last year expressed his group’s intention to sell their 15-percent stake in the Figaro Coffee Group.

In an interview earlier this year, Soesanto told The STAR that while selling its stake in Figaro is not a must, the company remains open to the possibility.

Monde Nissin earlier said Soesanto’s statements were preliminary and essentially exploratory in nature, noting that no firm plans have been made or have any proposals or discussions for divestment been presented to or taken up by the company’s board for consideration.

In 2023, Monde Nissin acquired a 15-percent stake in Figaro Coffee Group for about P820.3 million as part of its foray into the food service business and overall growth strategy in the Philippine market.

Figaro, through subsidiary Figaro Coffee Systems Inc., operates and franchises a network of retail restaurants that include Figaro Coffee, Angel’s Pizza, Tien Ma’s and Café Portofino.

Figaro, on its end, is in talks with two potential investors that could provide fresh capital to help scale up the company’s operations in the coming years.

Figaro has previously initiated a search of potential investors to raise additional capital to fund future store openings and expansion.

The move is in line with the company’s commitment to pursue sustainable growth and continue product innovation to deliver enhanced value to its customers and shareholders.

For proposed investments, Figaro earlier said the potential third-party investors or various investors would subscribe to approximately 20 percent of its outstanding common shares through the issuance of primary common shares out of the company’s existing authorized capital stock.

Aside from Monde Nissin, Figaro’s other major investors include Camerton Inc. and Carmetheus Holdings Inc.