Euro-Med converts subsidiary CafeFrance’s P400-M advance into equity

Publicly listed Euro-Med Laboratories Philippines Inc. (EURO) on Wednesday said its directors approved to convert into equity a portion of advances incurred by wholly-owned subsidiary CafeFrance Corp.

CafeFrance operates restaurants, bakeries, food services, catering, food production, and other related services. It does business under the brand names Flavours of China, Tempura Japanese Grill, Holy Cow! Steak and American Grill, Karate Kid, Kido Manga, and Congo Grille.

In a regulatory filing submitted by EURO corporate secretary Janice Ong on Wednesday, the company said the transaction involves P400 million. The approval was made by the board of directors on Tuesday, January 29.

Instead of having the advances liquidated by CafeFrance, EURO will convert P400 million into 400,000,000 common shares in its subsidiary.

“This matter shall be submitted for ratification of the shareholders at the annual stockholders’ meeting of the corporation for 2019,” according to EURO.

Aside from CafeFrance, the EURO counts as subsidiaries Hemotek Renal Center Inc. and Advanced Nutritional Technologies Inc. —Jon Viktor Cabuenas/VDS, GMA News