Ahead of this equity exercise, the TBCI board approved the issuance of warrants in favor of qualified shareholders of parent firm ANI as of Feb.
In this case, a shareholder of ANI owning at least 2,000 shares will have the right to avail of one TBCI warrant at the strike price of P1 or based on TBCI par value, with a five-year American call option that will expire on Jan.
With the craze for Japanese-themed food chains in Asia, the combined Tully's and Big Chill stores are expected to be well accepted by consumers in Asia,' TBCI said.
ANI, which is engaged in the trading and distribution of fresh fruits and vegetables in the Philippines, acquired TBCI in 2011 as part of its strategy to forward integrate and complete its vision of becoming a global leader in providing nutrition from farm to fork.
To date, there are eight FandB brands in the TBCI roster catering to a variety of market segments.