Figaro heads for PSE exit via delisting

MANILA, Philippines —  Figaro heads for PSE exit via delisting Food and beverage company Figaro Culinary Group Inc., formerly Figaro Coffee Group Inc., is heading toward the exit as it seeks to voluntarily delist from the Philippine Stock Exchange.

In a stock exchange filing, Figaro said it received a notice of intention from Figaro Coffee Systems Inc. (FCSI) to conduct a tender offer at P0.82 per share and voluntarily delist the company from the exchange.

The tender offer will be made for all the outstanding common shares of the company owned by the other shareholders, except the common shares owned by Monde Nissin Corp., Carmetheus Holdings Inc. and Camerton Inc.

FCSI will obtain a senior secured term loan facility from China Banking Corp. to finance its tender offer.

The voluntary delisting will be subject to approval of the company’s stockholders and the completion of the FCSI tender offer.

It will also be subject to FCSI owning, together with the majority shareholders, at least 95 percent of the issued and outstanding common shares, or such percentage as the PSE may allow, to effect the voluntary delisting of the company.

Figaro requested a voluntary trading suspension of its common shares yesterday to ensure the investing public has equal access and sufficient time to consider the information relating to the proposed tender offer and voluntary delisting.

The company has set a special stockholders’ meeting on Nov. 13  to seek approval for the voluntary delisting with the PSE.

Because preparations for the special stockholders’ meeting would overlap with activities for the originally scheduled annual stockholders’ meeting, the company’s board decided to move its 2026 annual stockholders’ meeting from Dec. 2 to Jan. 27, 2027.

Through FCSI, Figaro operates and franchises a network of retail restaurants, including Figaro Coffee, Angel’s Pizza, Tien Ma’s, Koobideh Kebab and Café Portofino.

The listed firm revised its corporate name to Figaro Culinary Group to reflect the business’s growing diversity. Figaro debuted on the PSE in January 2022, raising P767 million. Its share price closed at P0.67 on Wednesday.