CENTURY Pacific Group, Inc. is increasing its stake in Shakey’s Pizza Asia Ventures, Inc. (SPAVI) with the acquisition of common shares from the open market.

In a letter to the Philippine Stock Exchange, Inc. (PSE) last week, which was sent to reporters Monday, SPAVI said Po-led Century Pacific had bought 8 million shares in the company priced at P9.50 each.

This increases the company’s ownership of SPAVI to 53.57% after the transaction.

“This purchase represents approximately 0.52% of the company’s total outstanding stock,” the letter read.

Century Pacific is the parent of listed Century Pacific Food, Inc. (CNPF), which manufactures canned food brands such as Century Tuna and Argentina. Century Pacific has been the majority owner of SPAVI since 2016 when it came in with the sovereign wealth fund of Singapore.

In the first nine months of 2019, SPAVI was able to record an 11% growth in net income to P594.13 million, driven by a 9% increase in system-wide sales to P7.43 billion and a 7% climb in net revenue to P5.9 billion.

Shares in SPAVI at the stock exchange gained four centavos or 0.42% to P9.50 each on Monday. — Denise A. Valdez