The wholly owned unit of Euro-Med Laboratories Phil. Inc. obtained the approval of the Securities and Exchange Commission to double its capital stock.
In a disclosure to the Philippine Stock Exchange, Euro-Med said the corporate regulator approved the increase in the capitalization of food unit CafeFrance Corp. to P1 billion from P500 million.

CafeFrance’s paid-up capital also increased from P150 million to P350 million.

Euro-Med also secured approval to increase its directors from five to seven.

Early this month, CafeFrance completed the purchase of the assets of Caffe Ti-Amo from Jollibee Foods Corp. for P20 million. This gave CafeFrance the master franchise of the coffee and gelato business in the Philippines.

Last year, the company also bought the Delifrance business of JFC for P100 million after the fast-food giant decided to focus its resources on building larger quick-service restaurants.

Besides the two former Jollibee units, CafeFrance also owns Flavours of China, Tempura Japanese Grill, Holy Cow! Steak Ranch and American Grill, Karate Kid, Kidomanga and Congo Grille.

Euro-Med has two other subsidiaries: 102 E. Delos Santos Realty Co. Inc., which is engaged in the rental of property development, and Hemotek Renal Center Inc., which operates a dialysis center.

Euro-Med is engaged in the manufacture of pharmaceutical products such as large and small volume parenterals and other solutions. The company also manufactures sterile water for injection, and other solutions such as ophthalmic, inhalation, irrigation and dialysis.
Its shares were last traded at P1.51 each on Tuesday.