Splash Foods Corp. formally acquires Barrio Fiesta manufacturing arm

Splash Foods Corp. has formally entered the food business through the acquisition food manufacturing arm of Barrio Fiesta. In a statement to the Philippine Stock Exchange on Monday, personal care manufacturer Splash Corp. said it transferred the 5.28 million shares it purchased from Barrio Fiesta Manufacturing Corp. to Splash Foods Corp. "at the same cost it acquired said shares." In September, Splash has closed the deal to acquire 80 percent of BFMC for P472 million. The acquisition price represented the purchase of Splash of BFMC’s 5.28 million shares at a price of P89.32 per share. Under its new venture, Splash earlier said that it plans to market meal essential and food condiments for Filipinos here and abroad. It added that it aims to make BFMC a "major player" in the food industry. Splash also said that it would be using part of cash it raised from its initial public offering for the acquisition. BFMC was incorporated in 1987 and established to bottle, can, cure, preserve foods such as bagoong, shrimp or fish sauce, vinegar and other related native food products. Following the completion of the acquisition, BFMC's present chairman and president Bonifacio E. Ongpauco Jr. will remain as a director of the company. Under its new venture, Splash said that it plans to market meal essential and food condiments for Filipinos here and abroad. It added that it aims to make BFMC a "major player" in the food industry. -CMA/OMG, GMA News,