Figaro Culinary Group seeks voluntary delisting from PSE

FIGARO CULINARY GROUP, Inc. (FCG) is seeking to voluntarily delist from the Philippine Stock Exchange (PSE), with Figaro Coffee Systems, Inc. (FCSI) planning to acquire shares held by minority shareholders through a tender offer.

In a regulatory filing on Thursday, FCG said it had received a notice from FCSI regarding the planned tender offer at P0.82 per share and the proposed delisting.

The offer will cover FCG shares held by shareholders other than Monde Nissin Corp., Carmetheus Holdings, Inc., and Camerton, Inc., as well as qualifying shares held by directors.

“The tender offer will be conducted at the price of P0.82 per share,” FCG said.

FCSI plans to finance the tender offer through a senior secured term loan facility from China Banking Corp., according to the filing.

FCG said its board had approved the proposed voluntary delisting, subject to shareholder approval, completion of the tender offer, and FCSI and its majority shareholders acquiring at least 95% of the company’s outstanding common shares.

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

COL Financial Group Research Analyst Denise Joaquin said the proposed delisting would end FCG’s relatively short tenure as a publicly listed company if completed, about four years after its initial public offering (IPO) in 2022.

“Tendering shareholders would still get a premium to market price and a slight premium to the company’s reported book value. The P0.82/sh tender offer price represents a 22.4% premium to FCG’s last traded price of P0.67/sh and is also around 14% above its latest book value of approximately P0.72/sh as of March 2026,” Ms. Joaquin said in a Viber message.

She also pointed to FCG’s ongoing corporate restructuring, including the separation of Angel’s Pizza into a wholly owned subsidiary.

She said delisting could give the group greater flexibility to pursue further restructuring without the requirements associated with being a publicly listed company.

FCG is engaged in food processing, manufacturing, and packaging, as well as restaurant and food-service operations.

Through FCSI, the group operates and franchises brands including Figaro Coffee, Angel’s Pizza, Tien Ma’s, and Koobideh Kebabs.

FCG also requested a voluntary trading suspension of its common shares for Oct. 8 following the disclosure. — Alexandria Grace C. Magno