Insider Spotlight
The company said it has received Securities and Exchange Commission approval for Angel’s Pizza Inc.’s capital increase and amended articles of incorporation, clearing a key requirement for the transaction.
Under the plan, Figaro Coffee Systems Inc. will transfer the Angel’s Pizza business to the newly formed Angel’s Pizza Inc. in exchange for shares, making the new entity the owner and operator of the chain while remaining wholly owned by the group.
It expects to implement the restructuring within the year.
What has management said?
FCG management explained the restructuring during its annual stockholders’ meeting held last Dec. 3, 2025.
The company said the restructuring will place Angel’s Pizza “under a dedicated corporate entity, providing greater structural flexibility to support growth, enhance operational efficiency, and pursue domestic and international expansion.”
FCG shares have slumped about 8.5 percent since the start of 2026 and 19.4 percent over the past 12 months.
Key growth driver
In its latest quarterly report, Angel’s Pizza generated about P1.1 billion, or 92 percent, of Figaro’s P1.16 billion in first-quarter 2026 revenue, making it by far the company’s largest brand.
FCG also operates Figaro cafes and Taiwanese restaurant chain Tien Ma’s, but these contribute a relatively small share.
As of June 2025, FCG had 157 Angel’s Pizza branches, followed by 72 Figaro and Figaro Express outlets, and nine Tien Ma’s stores.
What it means
The company has not announced plans to sell Angel’s Pizza or bring in outside investors.
But investors will be watching closely for any future strategic moves involving the group’s biggest business.
Miguel R. Camus has been a reporter covering various domestic business topics since 2009.
