On January 24, 2022, Figaro Coffee Group (FCG) launched its initial public offering and listed its shares at the Philippine Stock Exchange. FCG raked in gross proceeds from the exercise of 698Million.
After the IPO, as of 31 March 2022, the amount due from related parties ballooned to 293Million from only 68M as of 30 June 2021.
At that time (31 March 2022) FCG’s total assets were at 1,793M. Due from related parties constituted 16% of FCG’s total assets at that time.
By 30 Sept 2022, due from related parties went down to 186M out of FCG’s total assets of 1,887M. That would be around 10% of total assets.
According to FCG advances pertain to cash given to stockholders for their personal use.
Advances to related parties in FCG are quite material that should warrant the attention of its independent directors.
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