Corporate News

CafeFrance gets nod to hike capital stock

Posted on December 22, 2011

CAFEFRANCE CORP., a unit of listed chemical firm Euro-Med Laboratories Phil Inc., has bagged regulators’ approval to double its capital stock as the firm plans expansions and acquisitions.

In a disclosure yesterday, Euro-Med said the Securities and Exchange Commission on Dec 19. greenlighted the capital stock hike to P1 billion from P500 million and also approved CafeFrance’s bid to increase the number of directors from five to seven.

“The paid-up capital was also increased from P150 million to P350 million,” the disclosure read.

The company aims to put up more restaurant branches in the country and even abroad.

“We see CafeFrance as one of the trusted brands in the food service industry in the next five to ten years,” the company said on its Web site.

“We envision CafeFrance to have expanded to other locations in the country and in key cities in Asia.”

Aside from its flagship coffee shop, CafeFrance operates restaurants Congo Grille, Karate Kid, Flavours of China, and Tempura Japanese Grille, among others.

Last year, CafeFrance acquired the franchise of bakeshop Delifrance for P100 million from Jollibee Foods Corp.

The acquisition enabled CafeFrance to take over all existing Delifrance branches and rebrand these. It had committed to keep on all Delifrance employees. -- CHCV