Figaro group sets up Angel’s Pizza unit
The Figaro Culinary Group, Inc. (FGC) is creating a separate entity to operate its Angel’s Pizza business independently.
In a disclosure on Friday, FGC said its board “unanimously approved” a plan to implement a corporate restructuring that involves the well-known pizza brand.
Under this plan, Angel’s Pizza’s related assets of its subsidiary, Figaro Coffee Systems Inc., will be transferred to Angel’s Pizza Inc. (API) in exchange for shares in the latter.
The listed firm created API for this particular purpose.
“Following the completion of the planned corporate restructuring, API will own and operate the Angel’s Pizza business while [Figaro Coffee] will wholly own API,” FGC said.
FGC said the corporate restructuring is expected to happen in 2026, subject to the necessary corporate and regulatory approvals.
As part of this effort, the FGC board authorized the chair or president “to vote on the shares of the company in FCSI, to approve the planned corporate restructuring and such related transactions…”
Incorporated in 2018, FCG is primarily engaged in the processing, manufacturing and packaging all kinds of food products. It is also into establishing, investing, developing, operating and maintaining restaurants, coffee shops and refreshments parlors, among others.
As of this month, the Figaro Group operates 56 Figaro coffee shops, 157 Angel’s Pizza outlets, eight Tien Ma’s Taiwanese cuisine restaurants and one Koobideh Kebabs.
FGC reported a net income of P101.06 million in the three months ending September, down 2 percent year-on-year.
Revenues rose by 9 percent to P1.52 billion, mainly on account of Angel’s Pizza operations.
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