LISTED holding company A. Soriano Corp. (Anscor) is expanding its investment portfolio after acquiring a minority stake in premium casual restaurant operator The Bistro Group for P1.61 billion.
Anscor signed a deed of sale with private equity company Navegar I (Singapore) Pte. Ltd. on Nov. 13 to acquire a minority stake in TBG Food Holdings, Inc., which operates The Bistro Group.
“This will expand Anscor’s investment portfolio in one of the most attractive and resilient market segments in the Philippines, the consumer sector,” Anscor said in a stock exchange disclosure on Thursday.
The Bistro Group is a premium casual restaurant operator in the Philippines, owning and operating over 200 full-service restaurants across 23 brands, including Italianni’s, TGI Friday’s, and Texas Roadhouse.
Last week, The Bistro Group said the operations of TGI Friday’s in the Philippines are not impacted by the recent bankruptcy filing of TGI Fridays, Inc. in the United States.
TGI Fridays, Inc. recently filed for Chapter 11 bankruptcy protection after the company suffered financial challenges due to the coronavirus pandemic as well as its capital structure.
The filing covers 39 restaurants in the US and does not include TGI Fridays Franchisor, LLC, which owns the brand and intellectual property.
Under the US Bankruptcy Code, a Chapter 11 bankruptcy allows a company to restructure its finances and operations.
Anscor’s major investments are in wire and cable producer Phelps Dodge Philippines Energy Products Corp. and Amanpulo Resort operator and owner Seven Seas Resorts & Leisure, Inc.
It has other investments in companies engaged in a range of activities including aviation, business process outsourcing, and real estate.
On Thursday, Anscor stocks rose by 2.14% or 30 centavos to P14.30 per share. — Revin Mikhael D. Ochave
