Figaro seeks PSE exit less than five years after IPO

Figaro Culinary Group Inc. is seeking to leave the Philippine Stock Exchange (PSE) less than five years after its P767 million initial public offering, offering minority shareholders P0.82 per share in a proposed tender offer.

In a Thursday disclosure to the local bourse, Figaro said its board on Wednesday approved the filing of an application for voluntary delisting after receiving a notice from Figaro Coffee Systems Inc. to conduct a tender offer and take the company private.

FCSI plans to buy the outstanding Figaro shares held by eligible minority shareholders at P0.82 each, excluding shares held by Monde Nissin Corp., Carmetheus Holdings Inc. and Camerton Inc., as well as qualifying shares held by directors.

“At a special meeting held by the Board of Directors of the Company on 07 October 2026, the members of the Board of Directors of the Company, including its three independent directors (which constitute all of its independent directors), approved the filing of an application by the Company for Voluntary Delisting from the PSE,” the disclosure read.

“To finance FCSI’s tender offer, FCSI will obtain a Senior Secured Term Loan Facility from China Banking Corporation.”

The proposed delisting comes less than two years after Figaro considered raising additional capital through a new share issue or follow-on offering to finance its expansion. The P0.82 tender offer price is 9.3 percent above Figaro’s P0.75 IPO price in 2022.

The application will be subject to the approval of Figaro shareholders, completion of the tender offer, and FCSI and the majority shareholders collectively owning at least 95 percent of the company’s issued and outstanding common shares.

Figaro had a public float of 23.58 percent as of September, leaving roughly a quarter of its shares with public investors.

The company has scheduled a special stockholders’ meeting on 13 November to seek approval for the proposed delisting.

Figaro also asked the PSE to suspend trading in its shares for the whole session on Thursday, 8 October, saying it wanted to ensure that the investing public would have equal access to the disclosed information.

The proposed exit marks a sharp turn from Figaro’s earlier plans to tap the market for additional funds. No explicit reason was given for the company’s impending exit from the local bourse as of press time.