CENTURY PACIFIC Group, Inc. and JE Holdings Inc. have raised their ownership in Shakey’s Pizza Asia Ventures, Inc., a publicly traded restaurant company, by purchasing shares previously owned by Arran Investment Pte. Ltd.
On Monday, Shakey’s announced in a statement to the stock exchange that Century Pacific and JE Holdings have acquired shares previously held by GIC Pte. Ltd., a sovereign wealth fund from Singapore. This was done through the private placement program of Arran Investment, an affiliate company.
Century Pacific and JE Holdings are the private companies owned by the Po and Gokongwei families, respectively.
Century Pacific acquired 185 million shares, resulting in a 62% ownership in the casual dining restaurant operator. JE Holdings also bought 98 million shares, increasing its ownership to 14.9%. The price per share was P9.50.
In the past, GIC owned 283 million shares, representing a 16.8% interest in Shakey’s.
Shakey’s Pizza expresses sincere appreciation for the confidence of our shareholders, past and present. Their unwavering support during challenging times like the pandemic and as we expanded into new territories has greatly contributed to the company’s success over the years, according to Shakey’s President and CEO Vicente L. Gregorio.
JE Holdings entered Shakey’s as a strategic investor in 2021 after infusing P1.25 billion in capital to support the restaurant chain’s organic and inorganic opportunities. Since then, Shakey’s has expanded its portfolio with the acquisition of flavored fries chain Potato Corner.
JE Chairman and President Lance Y. Gokongwei expressed confidence in the vision and ability of [Shakey’s] to overcome the challenges of the pandemic and come out as a stronger and more diverse company. He was elected as a board member in 2021.
“We are excited about the future prospects and fully endorse the growth of Shakey’s in the upcoming years. We are also eager to collaborate with the Gokongwei group to create synergies,” he stated.
So far, Shakey’s has a total of 2,000 stores and outlets around the world. The company’s net income for the first half increased by 96%, amounting to P489 million, while its revenues saw a 69.2% improvement, reaching P6.92 billion.
Shakey’s goal for this year is to increase both its revenue and profits by 30%.
“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,” Shakey’s Chairman Christopher T. Po said.
He expressed his gratitude for the chance to boost his group’s investments in Shakey’s. He also stated that they strongly believe in the company and are eager for what the future holds.
He also expressed gratitude towards the Gokongwei family for their trust in our company and the extra capital they have provided.
The stocks of Shakey’s increased by 28 centavos or 3.04% to P9.48 each at the stock exchange on Monday. – Revin Mikhael D. Ochave