Money

Tsupitas! Lester Yu unloads P75M Fruitas shares 9 months after IPO

Businessman Lester Yu has sold P75 million worth of shares in his publicly-listed food and beverage kiosk business.

The founder, president, CEO and director of Fruitas Holdings disposed part of his stake just nine months after an initial public offering in November 2019.

Yu sold 50 million Fruitas shares at P1.50 each in a block sale on August 4. The shares, held through Yu’s RALProperties Inc., were sold at 10 percent discount to its IPO price of P1.68 and a 20 percent premium over its closing price of P1.25 on August 4. RALProperties has 20 million shares left after the block sale,

Curiously, before the block sale, Yu acquired P11 million worth of Fruitas shares from June 10 to July 24. He bought a total of 8.5 million from P1.20 to P1.365 each.

After the block sale, Yu still has 1.399 million shares or 65.6 percent in Fruitas.

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