MANILA, Philippines — The Gokongwei Group and Century Pacific Group Inc. are taking a bigger bite of listed Shakey’s Pizza Asia Ventures Inc. by buying out Arran Investment Pte.
In a disclosure to the Philippine Stock Exchange (PSE) Monday, Shakey’s said the Gokongwei’s JE Holdings Inc. and CPG have acquired the stake of one of its long-standing strategic investors, Singapore’s sovereign fund GIC through affiliate Arran Investment.
GIC held 283 million shares, representing a 16.8 percent stake in Shakey’s. Of this, CPG purchased 185 million shares, increasing its holdings to 62 percent while JE Holdings took up 98 million shares, boosting its stake in Shakey’s to 14.9 percent. Shares were purchased at P9.50 per share.
Chris Po, Shakey’s chairman, said GIC had been with Shakey’s prior to its initial public offering in 2016.
“They have been big supporters and have added value to the company. Thus, in turn, I am pleased that the company was able to generate gains for them,” Po said.
He said increasing CPG’s investments in Shakey’s is a reflection of their confidence in future prospects.
“We are also grateful to the Gokongwei family for their belief in our company and the additional investment,” Po said.
Lance Gokongwei, chairman and president of JE Holdings, said he has seen the company navigate through the COVID-19 pandemic and successfully emerge from it as a better and more diversified food group.
“This gives me confidence in the group’s vision and capability to execute. We are pleased with the opportunities that lie ahead, strongly support Shakey’s expansion in the years to come, and look forward to creating synergies with the Gokongwei Group,” Gokongwei said.
JE Holdings entered Shakey’s as a strategic investor in 2021, infusing P1.25 billion in capital to support organic and inorganic opportunities.
Shakey’s has since expanded its portfolio with the acquisition of Potato Corner, the leading kiosk-based flavored fries chain in the country.
Vic Gregorio, president and CEO of Shakey’s, for his part, said he is grateful for the trust of the company’s outgoing and current shareholders.
“They have been very supportive of our growth plans, especially when we were prudently navigating through the pandemic and when we boldly entered new grounds, and have helped propel the company to greater heights through the years,” he said.
At present, Shakey’s has close to 2,000 stores and outlets globally.
The group’s systemwide sales for the first six months of the year increased by 51 percent year-on-year, while net income almost doubled with 96 percent growth year-on-year.
Shakey’s has upgraded its outlook for the year to better than 30 percent year-on-year growth for both top line and bottom line.