Philippines' Century Pacific, Singapore's GIC to buy Shakey's Philippines
[MANILA] Philippines' conglomerate Century Pacific Group said on Wednesday it teamed up with Singapore's sovereign investor GIC to acquire the domestic operator of the Shakey's Pizza restaurant chain without disclosing financial terms of the deal.
The move to buy the local operation of US-based Shakey's, with close to 170 stores in the Philippines at end-2015, is the second deal between Century Pacific's controlling Po family and GIC.
In May 2014, the Singaporean fund converted a 3.38 billion pesos (S$99.4 million) loan into a 10 per cent stake in Century Pacific Food Inc, the group's canned goods maker.
The Shakey's deal would allow Century Pacific to benefit from the country's fast-growing restaurant industry, driven by the expanding middle class, Century Pacific President Christopher Po said in a statement.
REUTERS
KEYWORDS IN THIS ARTICLE
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
Suntec Reit Q1 DPU down 13% to S$0.01511 in absence of capital distribution
Sheng Siong Q1 net profit up 9.3% on higher revenue
Great Eastern chairman appeals for patience as shareholders fume over share price ‘disaster’
Changi Airport’s Q1 passenger movements surpass pre-pandemic levels
S&P Global first-quarter profit beats estimates on strong product demand
Malaysia mulls over plans for casino in Forest City as part of Johor-S’pore Special Economic Zone: sources