July 11, 2024

 

Philippines-based Bounty Fresh Group holds off on IPO

Philippines-based Bounty Fresh Group Holdings Inc has announced that it has no immediate plans to go public, as its internal funds are sufficient to cover all its upcoming investments, according to its CEO, The Philippine Star reported.

 

Kenneth Cheng, CEO of Bounty, stated that neither the group nor any of its four subsidiaries have initial public offering (IPO) plans for this year or next.

 

"We are not saying that we do not have plans in the future. We are keeping our options open," Cheng said.

 

Last year, it was reported that Bounty Agro Ventures Inc, which previously belonged to the Bounty Group, was considering an IPO as one of several options to maximise the company's value.

 

"You pursue an IPO because you have bigger plans and need the funds. At present, we are growing, investing, and able to finance everything internally," Cheng said.

 

"There is really no need for us to IPO at this moment. But I am not saying it will never happen. It remains an open option," he added.

 

Moreover, Bounty does not have plans to export any of its chicken products, given the increasing domestic demand for poultry meat, Cheng noted.

 

"Our focus is producing for the Philippines," he said, emphasising that the company anticipates the country's broiler demand to grow by at least 2% annually.

 

Currently, Bounty has a presence in New Zealand through its subsidiary, the Tegel Group, and in Indonesia through its joint venture investment in PT Bounty Segar.

 

Bounty operates around 1,800 Chooks-to-Go rotisseries and approximately 37 Chooks! dine-in restaurants across the Philippines.

 

-      The Philippine Star