In November this year, Fruitas secured P1 billion in proceeds from its initial public offering.

Fruitas plans to improve its distribution channels and put up 150 to 250 stores annually.

Fruitas Holdings Inc. is infusing P18 million into its wholly-owned unit Buko ni Fruitas (BNF) to facilitate the latter’s expansion.

The listed food and beverage kiosk operator said the funding will be allocated to the construction of commissary structure, various equipment and store network expansion of BNF.

“The commissary, located in Quezon City, is expected to be ready by (the first quarter of 2020) and will cater to expected higher demand in the summer season,” Fruitas said in a disclosure to the stock exchange.

In November this year, Fruitas secured P1 billion in proceeds from its initial public offering, which it intends to use to acquire and establish new concepts, reduce payment and expand its commissary lines, among others.

The company plans to spend P600 million in the next three years to expand its network and improve distribution channels, as it seeks to put up 150 to 250 stores annually.

Fruitas has 24 active brands under its portfolio, including Black Pearl, Buko Loco, BNF, Jamaican Pattie, Johnn Lemon and Juice Avenue.

It has a footprint of 949 stores nationwide in three store formats: carts, kiosks and inline food stalls.

Shares of Fruitas dropped 0.93 percent on Friday, to P1.07 apiece, likewise down from its IPO price of P1.68 per share.