MANILA – Shakey’s Pizza Asia Ventures Inc said Wednesday the Gokongwei family would invest P1.25 billion in the company, which translates to a 9-percent ownership stake.
Starting in June, JE Holdings, the private investment company of the Gokongweis, will join the Po family’s private holding company Century Pacific Group and the sovereign wealth fund of Singapore as the “top shareholder” of the company, listed Shakey’s Pizza told the stock exchange.
The transaction equates to an P8.20 per share purchase price at 10 percent premium over the company’s latest stock price and 14.6 percent higher compared to the latest 45-day volume weighted average, the statement said.
“We look forward to the entry of the Gokongwei family and we in management are grateful for their belief in our business and our brands,” said PIZZA president and CEO Vicente Gregorio.
“We believe that we are in a relatively good position financially and, with the added benefit of a new strategic investor, we plan to make the most of both the fresh round of capital and the various synergies that come along with partnering with the Gokongwei group of companies,” he added.
The Gokongweis run a business empire that includes an airline, shipyard, food and beverage, media, and chains of hotels, malls and supermarkets, among others.
JE Holdings chairman Lance Gokongwei said he has “always been a fan of the Shakey’s brand.”
“I strongly believe in the long-term prospects of the food service industry, against a backdrop of rising Filipino incomes, and I have confidence that Shakey’s will continue to be a leader in this space,” he said.
PIZZA chairman Christopher Po said he supports Gokongwei’s election to the board, citing his “wealth of experience” from a variety of businesses.
Shakey’s said it is recovering both in terms of sales and profitability, coming from the “lows" experienced during the height of the COVID-19 pandemic.
Shakey's said it would open its first store in Singapore later this year in a bid to tap the expat Filipino market.
The company posted a P247 million loss in 2020 due to the COVID-19 pandemic.
Restaurant operations were hit badly especially when the lockdown was imposed in March 2020. Only delivery and take-out orders were initially allowed for restaurant operators. The sector has been recovering gradually as restrictions eased.