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Balai Ni Fruitas debuts on PSE
Balai Ni Fruitas debuted on the Philippine Stock Exchange (PSE) on Thursday, June 30, listing 1.49 billion primary and secondary shares.
Balai, kiosk operator of brands like Buko ni Fruitas, Balai Pandesal, and Fruitas House of Desserts, raised P1 billion from the initial public offering.
”BALAI’s listing is significant because it broadens the mix of companies listed on the SME (small and medium enterprises) Board. It will be the first food and beverage company to join the SME Board,” said PSE president and chief executive officer Ramon Monzon.
Balai plans to open 120 new stores by 2024. The remainder of the IPO proceeds will be used for potential acquisitions.
Shares of Balai dropped by 7.1% at the close.
Peso closing at P55 vs $1 not enough to boost exports
A weak peso, in theory, should boost exports. But in a global competition, it will take more than exchange rates to rise above the rest.