MANILA, Philippines — Shakey’s Pizza Asia Ventures Inc. (SPAVI), the full service restaurant chain owned by the Po family has incorporated a new subsidiary for future acquisitions.
In a disclosure to the Philippine Stock Exchange yesterday, Shakey’s said it has received the green light from the Securities and Exchange Commission (SEC), to form new subsidiary, WOW Brand Holdings Inc.
The new subsidiary can acquire other restaurants or food businesses in the Philippines.
“The company’s primary business is to establish, maintain, manage, lease, purchase, acquire, hold and dispose of by sale, lease, or otherwise, in the Philippines or in any foreign territory, restaurants, food parlors and other food retail outlets,” Shakey’s said in a disclosure.
The incorporators in the Articles of Incorporation are the Po brothers, Christopher, Ricardo Gabriel, Teodoro, Leonardo and Shakey’s president Vicente Gregorio.
The authorized capital stock is P500 million.
Shakey’s has been expanding. It just acquired Peri-Peri Charcoal Chicken, an emerging fast casual and full service brand which has demonstrated consistent profitability, brand strength, and robust growth in both system wide sales and store count over the last few years.
Last year, the company reported unaudited earnings of P843 million, up 10 percent.
This was on the back of a 12 percent increase in system wide sales.
The combined sales of company-owned and franchised stores hit P9.36 billion, driven primarily by the opening of 20 net new stores locally. This brought Shakey’s Philippine store count to 228 as of the end of 2018.