Splash acquires Barrio Fiesta food manufacturing unit

Personal care manufacturer Splash Corp. has ventured into the food business, the company told the Philippine Stock Exchange on Friday. In a statement to the PSE, Splash said its board approved the acquisition of 80 percent of Barrio Fiesta Manufacturing Corp. for P472 million. "In the same meeting the board also approved the establishment of a SPH subsidiary food company to handle the food business operations as a result of the...acquisition," the company said. The acquisition, however, does not include the Barrio Fiesta chain of restaurants. Splash said that it plans to market meal essentials and food condiments for Filipinos here and abroad. It added that it aims to make BFMC a "major player" in the food industry. "Acquiring a legacy brand such as Barrio Fiesta definitely establishes our place in the food industry," Rolando Hortaleza, Splash Corp. chief executive officer. "As in the personal care business, which we have built for 26 years, we intend to establish our mark in the food industry, starting off with the Barrio Fiesta brand of products, This will propel the company to be a major player in this industry." The PSE, meanwhile, imposed a trading suspension on Splash starting Friday pending disclosure of complete details about the transaction, mandated by the Revised Disclosure Rules. -- CMA/OMG, GMA News