Philippine Coffee Chain Rises to Record on Monde Stake Purchase
- Entry of instant noodle maker will help Figaro expand network
- Monde could sell its alternative meat products through Figaro
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Figaro Coffee Group Inc. jumped to a record as Philippine’s largest instant noodle maker Monde Nissin Corp. acquired a 15% stake in the company, giving the local coffee chain and restaurant operator more funds to expand its store network.
Shares of Figaro advanced 5.6% Thursday, trimming earlier gains of as much as 6.7%, while volume surged about 24 times of its three-month daily average. Monde, on the other hand, declined 2.5%.