Angel’s Pizza owner Figaro calls it quits on PSE after less than 5 years

Insider Spotlight

• Figaro Culinary Group plans to leave the PSE less than five years after listing, offering minority shareholders P0.82 per share, a 22.4 percent premium.
• China Bank Capital’s Juan Paolo Colet says the offer gives shareholders a chance to exit at a fair valuation amid sluggish market conditions. 
• Angel’s Pizza generates 92 percent of group revenue, but rising costs are squeezing profit margins despite double-digit sales growth.

The Liu family's Figaro Culinary Group Inc. is preparing to leave the Philippine Stock Exchange (PSE) after less than five years, seeking to take its growing restaurant business private through a buyout of minority shareholders.

The owner of Angel’s Pizza and Figaro Coffee is offering P0.82 per share, which is 22.4 percent higher versus its previous closing price.

Trading in Figaro shares (FCG) was voluntarily suspended to give investors time to assess the announcement, with the buyout price also representing a 9.3 percent premium to its P0.75 initial public offering price when it listed on Jan. 24, 2022.

Shares are expected to resume trading the following day, on Oct. 9, the company said in a PSE filing on Thursday. 

The exit plan

Figaro Coffee Systems Inc. plans to finance the tender offer through a secured term loan from Sy-backed China Banking Corp.

The offer excludes shares held by major shareholders Monde Nissin Corp., which owns 15 percent, Carmetheus Holdings Inc. and Camerton Inc.

Jerry Liu 

Figaro chair emeritus 

Deal expert: Current FCG price doesn't capture true value 

"The stock market has not been very kind to FCG's valuation. Prior to the tender offer announcement, the stock price was at P0.67, which is nearly 11 percent below the IPO price of P0.75. In fact, the last time the stock closed above its IPO price was more than 18 months ago on March 31, 2025," said Juan Paolo Colet, managing director at China Bank Capital. 

Figaro seeks delisting at 'fair valuation' 

"For public shareholders, this is a good opportunity to exit at a fair valuation," Colet continued. 

"The tender offer price of P0.82 represents a premium of 22 percent over the last close of P0.67, and 9 percent over the IPO price without adjusting for cash dividends. For the Liu family, taking FCG private gives them greater flexibility to pursue their business strategy," he added. 

The delisting requires shareholder approval and at least 95 percent combined ownership by Figaro Coffee Systems and the major shareholders, unless the PSE permits a different threshold.

Juan Paolo Colet 

China Bank Capital managing director 

Shareholders will vote on the proposal on Nov. 13, following the board's approval on Oct. 7 and the company's request for a voluntary trading suspension.

Angel's Pizza dominates

Angel’s Pizza is the group's biggest business by far, generating 92 percent of revenue and overshadowing its Figaro Coffee and Taiwanese restaurant chain Tien Ma's.

The company established a separate corporate vehicle for Angel’s Pizza earlier this year while retaining full ownership of the fast-growing brand.

Margins under pressure

Figaro's revenue climbed 15 percent to P1.495 billion in the three months ended March 2026, although rising operating costs squeezed its net profit margin to 7 percent from 7.8 percent a year earlier.

The group operated 239 stores at the end of March after opening eight new outlets during the quarter, even as same-store sales remained flat amid a challenging consumer environment.

—Edited by Miguel R. Camus