Splash inks deal to acquire food firm

Posted at 10/01/12 11:04 AM

MANILA, Philippines - Personal care products manufacturer Splash Corp. has inked a deal to acquire food manufacturer Moondish Foods Corp.

In a disclosure to the stock exchange, Splash said its subsidiary Splash Foods Corp. signed the share purchase agreement to acquire 100% of Moondish. The deal is valued up to P33 million.

Moondish is known for pioneering the ready-to-eat "laing" in a can, as well as other Filipino dishes such as Bicol Express and ginataang puso ng saging. Moondish products are also exported abroad.

Splash has been expanding its food business, having also acquired 80% of Barrio Fiesta's food manufacturing arm which offers products such as bagoong, sauces and various condiments.

Last month, Splash Foods announced it is working with one of Myanmar's biggest conglomerates, Dagon group of companies to expand its presence in the country.

"Splash will continue to establish stronger corporate relations with the Myanmar business community. We look forward to expanding our business in Myanmar, as well as other Asian countries," Splash chairman and president Rolando Hortaleza had said, in a statement.