Hortaleza shifts focus on food after sale of beauty business

MANILA, Philippines — The Ang Hortaleza Corp. (AHC), the former owner of Splash Corp., will focus on the food business after selling its skin whitening business to global giant Wipro Consumer Care for as much as P11 billion.

In a statement, AHC chairman and CEO Rolando Hortaleza said his group would aggressively pursue its food business and expand into other food categories.

He  said the group, through Prime Global Finance Corp.,  would continue to support micro, small and medium enterprises, and start- ups, with their financial requirements through its Prime Global Finance Corp.

Hortaleza said  they would also enter into strategic partnerships.

The group is  also eyeing real estate as an addition to its business portfolio.

Related to the Splash transaction, the company has remitted P1.2 billion in capital gains tax.

“The recent Splash transaction in fact, is the perfect platform for our group to invest in businesses, create brands, create jobs and remain relevant” Hortaleza said.

Hortaleza said paying the right taxes is their way of contributing to the growth and development of the Philippine economy.

He expects sales of the food business to more than double to P900 million this year  from P400 million in 2018 with the  Barrio Fiesta Bagoong (shrimp paste), which accounts for 70 percent of sales in 2018 as the growth driver.

The food seasoning and condiments market is a huge market with the shrimp paste already accounting for a P600 million share.

The company’s local sales account for 60 percent.  It exports mostly to the US and the Middle East.