Fruitas Holdings, Inc. has dropped its plan to fully acquire Surehealth Multi-Specialty and Diagnostic Clinic Corp. as it keeps its focus on the food and beverage retail business.
“Management recognized concerns that this may become a distraction from pursuing opportunities in its core food and beverage retail business,” the listed company said in a disclosure to the stock exchange on Friday.
With the decision, Fruitas said it would take advantage of the expected recovery of the food service sector and would “continue to enhance the accessibility of its products, both through physical and digital channels.”
The company will also push through with the expansion of its community store network, it said, especially with the acquisition of Balai Pandesal Corp. in May.
In a disclosure on Nov. 8, Fruitas announced that it had entered an agreement to acquire 100% of Surehealth’s shares, including assets such as medical equipment, specialized manpower, and a physical clinic in Sta. Mesa, Manila.
The company had planned to enter the healthcare industry “to further encourage a healthy lifestyle among our customers,” Fruitas President and Chief Executive Officer Lester C. Yu said in a statement on Nov. 8.
Surehealth is the health service provider of Fruitas during the coronavirus pandemic. It is a 14-year private medical and diagnostic clinic that provides services such as medical pre-employment packages, annual physical examinations, and medical laboratory tests for employees of firms in the airline support industry, construction, and logistics.
Fruitas shares rose by 0.82% or one centavo to close at P1.23 apiece on Friday. — Bianca Angelica D. Añago