FIGARO COFFEE Group, Inc. (FCG) has secured stockholders’ approval for its planned corporate name change as part of expanding the company’s brand identity.
The stockholders greenlit the company’s plan to change its name to Figaro Culinary Group, Inc. during the annual stockholders’ meeting on Dec. 18, FCG said in a regulatory filing on Thursday.
There will be no change in the company’s stock symbol. The corporate name change was approved by the FCG board on Oct. 10.
“The proposed new name will outline the company’s commitment to quality and innovation as it expands its offerings to include a wide range of culinary products and experiences,” FCG said.
“The board has determined that it is in the best interest of the company to change its corporate name to better reflect its strategic vision and broaden its brand identity,” it added.
FCG saw a 17% increase in its net income for the first quarter of the fiscal year ending June to P103.49 million last year, led by higher volume from its new stores.
Net revenue rose by 6% to P1.39 billion, while system-wide sales rose by 4.2% to P1.49 billion, led by the opening of 11 new stores.
As of the end of September, FCG has 214 stores within its network. Its brands include Angel’s Pizza, Figaro Coffee, Tien Ma’s, Café Portofino, and Koobideh Kebabs.
FCG shares rose by 1.18%, or one centavo, to 86 centavos apiece on Thursday. — Revin Mikhael D. Ochave
