SPLASH Corp., a listed maker of personal-care products, has approved the transfer of its recently acquired stake in the condiments maker of the Barrio Fiesta restaurant chain to a new subsidiary in line with its diversification into the food sector.

In a filing to the Philippine Stock Exchange on Monday, Splash said it will transfer the 5.28 million shares, or 80 percent, of Barrio Fiesta Manufacturing Corp. to recently incorporated Splash Foods Corp.

The shares were sold at cost, or the P472 million disclosed earlier. Splash did not disclose added details.

Splash announced in September the completion of its buy-in into Barrio Fiesta Manufacturing. The acquisition did not include the Barrio Fiesta chain of restaurants. Splash believes that the acquisition of a “legacy” brand like Barrio Fiesta will help jump-start its move into the food industry and possibly attract more interest from investors. 

Established in 1987, Barrio Fiesta Manufacturing makes popular condiments in Filipino cuisine like sautéed shrimp paste, ready-to-eat canned meals, sauces such as white vinegar, fish sauce, soy sauce, lechon sauce as well as fruit preserves.   

Splash said it intends to expand the company to include new food lines while lending distribution expertise for its export operations.

The company’s shares added 0.96 percent to P2.10 each on Monday.