Fores group of high-end restos seeks IPO

Restaurateur Margarita Fores is looking to raise new capital through an initial public offering of a company holding her restaurants, catering, floral artistry businesses and a home wares shop. At the sidelines of the Ernst & Young Entrepreneur of the Year Philippines 2007 awarding ceremonies, Fores, who was given the Woman Entrepreneur of the Year and Globe Masigasig awards, said she is set to file within the year an application with the Securities and Exchange Commission to register “Margarita Fores Inc.," which will serve as a holding company for her restaurants- Cibo, Café Bola, and Pepato. Besides these restaurants, she will also include under her company Casa di M, a soon-to-be-opened home wares shop, Cibo di M, which caters for parties and business functions, Flori di M, a floral artistry business, Gastroteca di M, a delicatessen and home-meal replacement emporium, and Sostanza Healthline, which produces custom-made health and wellness diet meals for delivery. “I’m in the process of preparing for an initial public offering. I want to do this (within) two years. I think it is a good direction to take and because I see myself involved in doing a lot of things," Fores said. She added that putting up a holding company is the first step needed to sell shares to the public. Fores also revealed that she is talking to prospective partners in Singapore and Dubai to bring Cibo there. Another possibility is also to set up a Cibo restaurant in California. “This will hopefully be accomplished in the next two years," she said. Presently Cibo has seven branches in Metro Manila. In 2007 Cibo was estimated to have earned P200 million in gross revenues and a net income of about P50 million. - GMANews.TV