The Po and Gokongwei families have beefed up their stakes in Shakey’s Pizza Asia Ventures Inc. (PIZZA), one of the leading food service groups in the Philippines, by buying out the stake of Singapore’s sovereign wealth fund GIC for P2.69 billion.

In a disclosure to the Philippine Stock Exchange (PSE), Shakey’s said the Po family’s Century Pacific Group Inc. (CPG) and the Gokongwei family’s JE Holdings Inc. (JE) have purchased via private placement the stake of GIC, one of its long-standing strategic investors, held through affiliate Arran Investment Pte Ltd.

GIC held 283 million shares, representing a 16.8 percent stake PIZZA. Of these shares, CPG purchased 185 million shares, bumping up its holdings to 62 percent.

Meanwhile, JE Holdings took up 98 million shares, laddering up to a 14.9 percent stake in PIZZA. Shares were purchased at P9.50 apiece. 

“Shakey’s Pizza is deeply grateful for the trust of our shareholders, both outgoing and current,” said PIZZA President and CEO Vicente Gregorio.

He noted that, “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.”

“We also thank the Po and Gokongwei families. We take this as a sign of your confidence in the business and our growth ambitions. As we move forward, we will continue to manage your capital responsibly and with integrity to create more value for all our stakeholders,” added Gregorio.

PIZZA Chairman Christopher Po said “GIC had been with Shakey’s prior to our IPO 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.”

“I am also grateful for the opportunity to increase our investments in PIZZA 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 said. 

JR Holdings Chairman and President Lance Gokongwei noted that, “since being elected in 2021 as a Board Member of PIZZA, I have seen the Company navigate through a pandemic and emerge from it a better, more diversified 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 PIZZA’s expansion in the years to come, and look forward to creating synergies with the Gokongwei Group,” he added.

JE Holdings entered PIZZA as a strategic investor in 2021, infusing P1.25 billion in capital to support organic and inorganic opportunities. 

Since its entry, the Group has expanded its portfolio of Wow Brands with the acquisition of Potato Corner, the leading kiosk-based flavored fries chain in the country, and realized synergies with JE Holdings.

To date, PIZZA has close to 2,000 stores and outlets globally, spanning five Wow Brands. In its previous earnings release, 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. 

The group recently upgraded its outlook for the year to better than 30 percent year-on-year growth for both top and bottomline.