Splash gobbles up another food firm

MANILA, Philippines - Filipino-owned beauty and personal care products manufacturer Splash Corp. is further expanding its food business with the acquisition of Moondish Foods Corp.

In a disclosure to the Philippine Stock Exchange, Splash said its board approved the purchase of 100 percent of Moondish, which pioneered the first ready-to-eat “laing or taro leaves in coconut cream in can”, for up to P33 million.

Moondish Foods is a food manufacturing firm started by husband and wife Jun and Ana Manrique in 1999. Using coconut cream as base, the company was able to create canned Filipino dishes such as laing, bicol express, ginataang ampalaya and ginataang puso ng saging.

Its products are available locally and are exported in the US, Japan, Europe and Asia.

Splash earlier acquired 80 percent of the food manufacturing arm of Barrio Fiesta, which offers several products such as sautéed shrimp paste, ready-to-eat canned goods, sauces (including white vinegar, fish sauce, soy sauce and lechon sauce), fruit preserves and other condiments.

It aims to become a major player in the food industry through the expansion of food lines and capitalizing on its marketing and distribution capabilities in specific countries.

The group, through Splash Foods, plans to launch various food products here and abroad over the next 12 to 24 months.

Meanwhile, the board of Splash has also authorized the company to enter into an agreement to invest up to 40 percent of GlobalSky Co. Ltd. at a price of $1.46 million.