FRUITAS Holdings, Inc. (FRUIT) is set to open its subsidiary brands Ling Nam and Soy & Bean in Zamboanga City as it seeks to explore economic opportunities outside of Metro Manila.
“We want to explore the enormous economic opportunities we perceive outside of Metro Manila. The Zamboanga Peninsula has many strengths,” Fruitas Holdings President and Chief Executive Officer Lester C. Yu said in a press release on Wednesday.
Zamboanga Peninsula is a region in southwestern Philippines composed of three provinces, with Zamboanga City as the economic and educational center. Its four other main cities are Dapitan, Dipolog, Pagadian, and Isabela.
Mr. Yu said they aim to cater to the region’s population, which includes a large Filipino-Chinese segment.
The commissary for Ling Nam and Soy & Bean, to be located in Kasayangan, Zamboanga City, will manufacture products and serve as a satellite warehouse for other products under Fruitas.
The Ling Nam restaurant will be open by the third quarter of 2023.
“This is Fruitas’ first expansion of the Ling Nam brand in Mindanao,” the company said.
Fruitas’ indirect subsidiary, Lingnam Food Inc., completed on Wednesday its full acquisition of the Ling Nam brand, including trademark, recipes, equipment, store improvements, and inventory from the previous owner.
“The acquisition is the Group’s entry into the Asian food market which will significantly accelerate The House of Fruitas products into that sector,” the company said.
As of end-2022, Fruitas Holdings had 773 stores under its different brand portfolio.
Shares for Fruitas closed lower on Wednesday by 0.79% or P0.01 centavo at P1.28 apiece. — Adrian H. Halili