Based on documents filed with the Securities and Exchange Commission, Ayala Corp. said it plans to merge its PERF Restaurants Inc. with Philking Restaurants Development Corp. as part of efforts to streamline operations.
PERF was established to operate and manage Burger King fastfood restaurants and to offer management services. Philking, on the other hand, is the local franchise holder of the US fastfood chain Burger King.
Once the merger is completed, PERF, as surviving entity will have an authorized capital stock of P400.5 million. Its assets will amount to P394.3 million as against liabilities of P217.67 million.
The Ayala group continues to beef up the operations of its Burger King outlets as it has yet to find an acceptable buyer for the fastfood chain.
Its main focus is to revitalize the operations of Burger King and make it profitable to attract more investors.
The company has closed down its Burger King stores in Ortigas, Katipunan and Libis as part of a plan to limit outlets to those that are only making money.
Burger King has been facing tough competition primarily from fastfood giants Jollibee and McDonald’s.
The sale of Burger King and other non-core businesses is part of Ayala Corp.’s continued efforts to focus on key businesses and unlock the value of the company.
Ayala Corp. holds a 49.5-percent interest in Philking while US-based RYLLC controls 45 percent. The remaining 5.5-percent stake is owned by ELRO Commercial and Industrial Corp. of businessman Francisco Elizalde.