PSE lifts trading halt on Splash with disclosure of Barrio Fiesta food mfg acquisition details

The Philippine Stock Exchange on Thursday has lifted the trading suspension on personal care manufacturer Splash Corp. following the listed company's disclosure of additional details about its acquisition of the food manufacturing arm of Barrio Fiesta. The PSE has suspended the trading of Splash shares since Friday last week following Splash's announcement that it would be acquiring 80 percent of Barrio Fiesta Manufacturing Corp. for P472 million. According to the additional details disclosed by Splash, the acquisition price was based on Discounted Cash Flow method, whereby projected future cash flows are "discounted at an interest rate to arrive at a present value." The acquisition price represented the purchase of Splash of BFMC’s 5.28 million shares at a price of P89.32 per share. 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. BFMC's financial statements submitted to the Securities and Exchange Commission showed that its net income in 2010 amounted to P1.75 million, lower than the P2.05 million it reported in 2009. -- CMA/OMG, GMA News