Singaporean fund exits Shakey’s PH
MANILA -The Po family solidified its control over Shakey’s Pizza Asia Ventures, one of the country’s biggest restaurant operators, with the Gokongwei family emerging as the company’s second-biggest stockholder after their P2.7-billion buyout of Singapore’s sovereign wealth fund GIC Private Ltd.
Po’s Century Pacific Group and Gokongwei-led JE Holdings Inc. acquired 283 million shares, or 16.8 percent of Shakey’s Pizza, at 9.50 each from GIC affiliate Arran Investment Pte. Ltd.
This increases Century’s stake to 62 percent while JE Holdings will own 14.9 percent of Shakey’s, whose brands include Shakey’s Pizza, Peri-Peri Charcoal Chicken and Potato Corner.
“GIC had been with Shakey’s prior to our [initial public offering] in 2016. As strategic investors, 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,” Century chair Christopher Po said.
“I am also grateful for the opportunity to increase our investments as we are firm believers and are excited by our future prospects. We are also grateful to the Gokongwei family for their belief in our company and the additional investment,” he added.
JE Holdings entered the company in 2021, paying P1.25 billion for a 9-percent stake.
“Since being elected in 2021 as a board member of [Shakey’s], I have seen the company navigate through a pandemic and emerge from it a better, more diversified group,” said Lance Gokongwei, chair of JE Holdings and CEO of JG Summit Holdings.
“This gives me confidence in the group’s vision and capability to execute. We are pleased with the opportunities that lie ahead, strongly support expansion in the years to come, and look forward to creating synergies with the Gokongwei Group,” he added.
Shakey’s has about 2,000 domestic and international stores.
Luis Gerardo Limlingan, head of sales at stock brokerage house Regina Capital Development, said the deal signaled the continued bullishness on restaurants—among the hardest hit during the pandemic.
Shakey’s, in particular, had a “high growth outlook as the restaurant industry has been relatively strong despite inflation remaining elevated,” he said.“People still continue to dine out and further expansion of PIZZA (trading symbol) will see them continue to record strong growth,” Limlingan told the Inquirer. INQ
