SHAKEY’S Pizza Asia Ventures, Inc. (SPAVI) has incorporated a new wholly owned subsidiary that will handle restaurants and food retail outlets both locally and abroad.
In a disclosure to the stock exchange Monday, the listed firm said the Securities and Exchange Commission has approved the incorporation of Wow Brand Holdings, Inc.
“The company’s primary business is to establish, maintain, manage, lease, purchase, acquire, hold and dispose of by sale, lease, or otherwise, in the Philippines or in any foreign territory, restaurants, food parlors, and other food retail outlets,” the company said.
The newly incorporated firm will have an authorized capital stock of P500 million, divided into 500 million shares with a par value of P1 each.
A total of P125 million of the capital stock has been subscribed to by six shareholders. Aside from SPAVI, the shareholders include members of the Po family and SPAVI President and Chief Executive Officer Vicente L. Gregorio.
SPAVI looks to open 20 new stores in the Philippines this year, in a bid to bring its year-end store count to 248. The company also has at least 20 new stores in the pipeline overseas, given its perpetual rights to put up the Shakey’s brand in the Middle East, Asia excluding Japan and Malaysia, China, Australia, and Oceania.
Earlier this month, the company acquired the Peri-Peri Charcoal Chicken chain of restaurants from iFoods Group, Inc. The brand has 23 outlets in Metro Manila, 60% of which are franchised and 40% are company-owned.
The acquisition came less than a year after the company amended its articles of incorporation to allow it to operate restaurant brands other than Shakey’s.
SPAVI’s net income attributable to the parent rose 10% to P840.92 million in 2018, driven by an eight percent uptick in revenues to P7.58 billion.
Shares in SPAVI firmed up 0.94% or 12 centavos to close at P12.90 each at the stock exchange Monday. — Arra B. Francia