C02296-2024 |
Title of Each Class | Number of Shares of Common Stock Outstanding and Amount of Debt Outstanding | |
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COMMON | 1,495,005,000 |
The Exchange does not warrant and holds no responsibility for the veracity of the facts and representations contained in all corporate disclosures, including financial reports. All data contained herein are prepared and submitted by the disclosing party to the Exchange, and are disseminated solely for purposes of information. Any questions on the data contained herein should be addressed directly to the Corporate Information Officer of the disclosing party.
Subject of the Disclosure |
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Balai ni Fruitas enters agreement to acquire 40-year old legacy brand Sugarhouse |
Background/Description of the Disclosure |
On April 18, 2024, Balai ni Fruitas Inc. signed a Memorandum of Agreement to acquire the 40-year old legacy brand and various assets related to the Sugarhouse business. |
Date of Approval by Board of Directors |
Apr 18, 2024 |
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Rationale for the transaction including the benefits which are expected to be accrued to the Issuer as a result of the transaction | |
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The acquisition of Sugarhouse will allow BALAI to expand its product offerings, particularly in the cake category and tap a broader customer base. BALAI will also gain additional production capacity to fuel its growth. BALAI also anticipates significant synergies with its existing brands. |
Date | Apr 18, 2024 |
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Description of the Transaction |
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The acquisition includes the transfer of registered intellectual property, manuals, recipes, and technical know-how, Sugarhouse delivery, commissary and store equipment. BALAI will also take over the catering business of Sugarhouse. |
Manner |
Acquisition of assets |
Description of the assets involved |
Registered intellectual property, technical know-how, delivery, commissary and store equipment. |
Nature and amount of consideration given or received |
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The purchase price shall be paid in cash and is below 10% of the Total Assets of Balai Ni Fruitas Inc. as of December 31, 2023 |
Principle followed in determining the amount of consideration |
Agreed price between seller and buyer. |
Terms of payment |
The purchase price shall be paid in installments until December 31, 2024 |
Conditions precedent to closing of the transaction, if any |
Execution of implementing agreements for the acquisition, such as Deed of Sale of Assets, Deed of Sale of Motor Vehicle, Deed of Assignment of Trademark Registration, closing expected to take place on or before May 1, 2024 |
Any other salient terms |
N/A |
Name | Nature of any material relationship with the Issuer, their directors/ officers, or any of their affiliates | |
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Golden Spatula Corporation | N/A |
Effect(s) on the business, financial condition and operations of the Issuer, if any |
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The company will expand its product offerings to customers and will seek synergies with its existing brands, which will drive higher revenue. |
Other Relevant Information |
N/A |
Source(s) of funds |
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Initial Public Offering Proceeds |
If any asset so acquired by the issuer or its subsidiaries constituted plant, equipment or other physical property, state the nature of the business in which the assets were used by the persons from whom acquired and whether the issuer intends to continue such use or intends to devote the assets to other purposes, indicating such other purposes |
N/A |
Name | RALPH HECTOR ADRICULA |
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Designation | COMPLIANCE OFFICER |