MANILA, Philippines - Businessman Antonio Tiu’s Agrinurture Inc. is taking its subsidiary, The Big Chill Inc., public, hoping to raise at least P500 million from the proposed maiden share sale to fund its aggressive expansion in China.
Tiu said the current environment is conducive to capital-raising, adding now is the best time to expand in China amid warmer relations between the Philippines and Beijing.
“We’re targeting to raise at least P500 million. This is the best time for Philippine brands to expand in China. We want to capitalize on this growth potential,”Tiu said.
“We will open a flagship store in China’s key cities and open it for franchise,” he added.
Tiu said they are now in talks with a few investment banks to handle TBC’s planned initial public offering.
TBC owns established brands Big Chill and Fresh Bar, which are household names in the growing wellness industry.
Aside from the two brands, TBCI also holds the franchise for Tully’s Coffee in the Asia Pacific region. The coffee brand is an established company in Seattle that outperformed Starbucks in Japan.
As part of the preparations for TBCI’s IPO, ANI shareholders are expected to receive one warrant of TBCI priced at par value of P1 for every 2,000 shares held as of Feb. 3, 2017.
In recent years, ANI offered franchises in major cities in the Philippines and Asia with the fastest growth expected in the Greater China Region.
According to its profile, TBCI was established in 1994 as a new concept serving premium quality blended shakes made with 100 percent fresh-cut fruit.
Its target markets are mainly the AB and upper C segments through its extensive network of shops and kiosks that provide convenient access to fresh fruit shakes.
The Fresh Bar, meanwhile, is an expanded concept of Big Chill which offers the same fresh fruit shakes along with a line of hearty gourmet soups, healthy pasta offerings, fresh salads and sandwiches.
Both The Big Chill and Fresh Bar brands provide new food service beverage concepts ideally suited for today’s healthy and fast paced lifestyle.
ANI acquired TBCI in 2011 as part of its vision to become a global leader in providing nutrition from farm to fork. Zinnia Dela Peña and Iris Gonzales