Balai Ni Fruitas reallocates P50-M in IPO proceeds to complete commissary build
Balai Ni Fruitas [BALAI 0.43, up 3.6%; 4% avgVol] [link] said that its board approved a reallocation of its IPO proceeds, from “Store network expansion and store improvement”, to “Commissary set up”. BALAI said that the reallocation “is to reduce the need for further loans” and to help BALAI “avoid interest expense” associated with the setup of its commissary. Part of the reallocated amount will also go toward building BALAI’s commissary in Cebu City, which it expects to complete “within the year”.
