SHAKEY’S Pizza Asia Ventures, Inc. (SPAVI) is set to expand its product offerings, after proposing to shareholders that it be allowed to operate restaurant brands other than Shakey’s.
In a disclosure to the stock exchange on Tuesday, the listed full-service restaurant operator said it has filed to amend its primary purpose under the articles of incorporation.
The company’s current primary purpose specifies that it shall be involved “in the effective production, merchandising, packaging, and sales by such establishments of all types of family food products under the name of “Shakey’s.”
The proposed amendment will read in part as: “To establish maintain, manage, lease, purchase, acquire, hold, and dispose of by sale, lease or otherwise in the Philippines or in any foreign territory, restaurant brands, food parlor brands, and other food brands, whether foreign or local.”
The proposed amendment is subject to the approval of SPAVI’s shareholders during the company’s annual stockholders’ meeting scheduled for Aug. 16.
Earlier this month, SPAVI also disclosed that it will be dissolving its Hong Kong-based subsidiary Golden Gourmet Ltd. (GGL). This is after the company applied for the voluntary de-registration of GGL.
“SPAVI applied for the voluntary de-registration of GGL as part of the streamlining of its corporate structure,” the company said.
SPAVI booked a net income of P762 million in 2017, 14% higher year on year after the group recorded a 17% increase in revenues to P7 billion. It ended 2017 with a total of 208 stores, after launching 24 new outlets during the year.
This year, the firm targets to open 20 new stores, that will bring its nationwide store count to 228 by yearend. Alongside the store expansion, SPAVI is also upgrading existing stores to enhance the dining experience and improving delivery systems to support the customers’ growing need for convenience.
Shares in SPAVI gained eight centavos or 0.58% to close at P13.94 each at the stock exchange on Tuesday. — Arra B. Francia