Fruitas acquires majority stake in Mang Bok's

Fruitas Holdings Inc. is venturing into the roasted chicken segment with the acquisition of a majority stake in the owner of the Mang Bok's brand for P8.86 million.

- Richmond Mercurio

Fruitas, through subsidiary Negril Trading Inc., acquired 60-percent shareholdings in Bigboks Enterprises Inc., which served as the acquisition vehicle for the assets related to the Mang Bok's business.

A total of 960,000 shares were acquired at P9.23 per share for a total consideration of P8.86 million.

Fruitas said the acquisition includes all assets, including inventories, equipment and intellectual property rights/trademark such as brand registrations, know-how, recipes for all past and current products and certain products under research and development of Mang Bok's.

"Our family continues to grow larger and more fruitful. Bringing Mang Bok's into the diverse portfolio of House of Fruitas is an exciting opportunity for us," Fruitas president and CEO Lester Yu said.