Manila, Philippines – Leading food and beverage kiosk and community store operator, Fruitas Holdings Inc., listed on the Philippine Stock Exchange under the symbol FRUIT, has set its sight on the Zamboanga Peninsula by securing two strategic locations for its new Ling Nam commissary and restaurant. Both locations are expected to be operational by the third quarter of this year.
The new commissary will be situated at Rojo Compound, Kasanyangan, Zamboanga City. The commissary will primarily manufacture Ling Nam and Soy & Bean products and will serve as a satellite warehouse for goods of other brands. The first Ling Nam restaurant in Zamboanga City will be situated less than 2.5 kms from the commissary. The store will be situated in Zamboanga City’s Wee Building on Vitaliano Agan Avenue’s Nuñez Ext. The store will have a total area of roughly 200 square meters and open by the third quarter of 2023. The location of the facility is well chosen as it is close to the airport, hospitals, schools, and business areas in a high-density part of the city. This is FRUIT’s first expansion of the Ling Nam brand in Mindanao.
“We want to explore the enormous economic opportunities we perceive outside of Metro Manila. The Zamboanga Peninsula has many strengths, one of which is the sizeable Filipino-Chinese population that resides there. We hope to better publicize Ling Nam and situate it nearer to Filipinos both within and outside of Metro Manila,” said Mr. Lester Yu, Fruitas Holdings Inc. President and Chief Executive Officer.
On March 1, 2023, FRUIT, through its indirect wholly-owned subsidiary, Lingnam Food Inc., completed the acquisition of 72-year-old brand, Ling Nam. The acquisition is the Group’s entry into the Asian food market which will significantly accelerate The House of Fruitas products into that sector. Under the agreement, Lingnam Food Inc., which itself is wholly owned by FRUIT’s subsidiary Soykingdom Inc., acquired the trademark, recipes and other technical know-how, certain equipment, store improvements, and inventory from the previous owner.
FRUIT ended 2022 with 773 stores across different brands in its portfolio. As of the 3Q2022, FRUIT recorded Php 1.3Bn in revenues. For 2023, the Group is focusing on building its same-store sales growth while employing a disciplined and strategic expansion strategy.
